Standard Bylaws For Nonprofit In Illinois
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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.
The Big Picture Follow the steps below to start a nonprofit organization in Illinois. Pick a name. The name must be unique. Appoint a registered agent. Choose your board of directors. State your charitable purpose. File your articles of incorporation. Create bylaws.
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.
The IRS generally requires a minimum of three board members for every nonprofit, but does not dictate board term length. What is important to remember is that board service terms aren't intended to be perpetual, and are typically one to five years.
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.
Traditionally, when starting a nonprofit, the best choice for legal structure is to form a nonprofit corporation at the state level and to apply for 501(c)(3) tax exemption at the federal level.
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.