Who regulates nonprofits in Illinois?

All charities that solicit in Illinois should be registered with the Office of the Attorney General. The Attorney General's Office can tell you if a charitable organization is registered and current in its reporting requirements.

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Bylaws for Corporation

Drafting Bylaws For Nonprofit Organizations In Chicago

Q: What are the requirements for a non profit audit in Illinois?

Stat. 460/4 Effective Jan. 1, 2024, a charitable organization with annual contributions more than $500,000 must file an audited financial statement prepared by an independent CPA. A charitable organization with contributions between $300,000 and $500,000 must file a financial statement with the Attorney General.

Category:

Corporations - Bylaws

State:

Multi-State

City:

Chicago

Control #:

US-00444

Format:

Instant download

Description

The document outlines bylaws for nonprofit organizations in Chicago, establishing a framework for governance, operational procedures, and compliance. Key features include the specification of the corporation's name and principal office, the structure and scheduling of annual and special meetings, and the responsibilities of the Board of Directors. It provides detailed filling and editing instructions regarding shareholder meetings, voting procedures, and the roles of corporate officers, which are essential for proper organizational functioning. Intended users such as attorneys, partners, owners, associates, paralegals, and legal assistants can utilize this form to ensure statutory compliance and to facilitate decision-making processes within the nonprofit sector. The form promotes clarity and consistency in governance and outlines procedures for amendments, thus allowing for adaptability as the organization grows. By utilizing these bylaws, users can help promote accountability and transparency, critical elements in the nonprofit sector. Overall, this document serves as a pivotal tool for establishing a solid foundation for governance in nonprofit organizations.

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FAQ

Stat. § 460/4 | Effective Jan. 1, 2024, a charitable organization with annual contributions more than $500,000 must file an audited financial statement prepared by an independent CPA. A charitable organization with contributions between $300,000 and $500,000 must file a financial statement with the Attorney General.

How to Start a Nonprofit in Illinois Name Your Organization. Recruit Incorporators and Initial Directors. Appoint a Registered Agent. Prepare and File Articles of Incorporation. File Initial Report. Obtain an Employer Identification Number (EIN) ... Store Nonprofit Records. Establish Initial Governing Documents and Policies.

There must be at least three directors. They do not have to be Illinois residents or corporation members, but you may require these and any other qualifications you choose.

NOTE: Failure to maintain a registered agent and a registered office will ultimately result in the involuntary dissolution of the company. The registered agent must be: • An individual who resides in Illinois OR • A business entity authorized to transact business in this state.

Illinois. The IRS lists 77,545 active tax-exempt organizations operating in Illinois, including 58,746 501(c)(3)s, to which you can make a tax-deductible donation. Illinois nonprofit organizations reported $136 billion in revenue on their most recent tax filings.

All charities that solicit in Illinois should be registered with the Office of the Attorney General. The Attorney General's Office can tell you if a charitable organization is registered and current in its reporting requirements.

The text of these two statutes is available on the Illinois Attorney General's Web site. The Charitable Trust Act applies to all trustees that hold property in excess of $4,000 for charitable purposes. The Solicitation of Charity Act governs the solicitation and collection of charitable funds in Illinois.