Illinois Charity Subscription Agreement
Description
How to fill out Charity Subscription Agreement?
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FAQ
Illinois' Charitable Trust Act (Section 480.20) lays out the framework for the operations of charities in the state. The Charitable Trusts Bureau of the Attorney General's Chicago Office maintains the register of charitable trusts that have been registered with the state.
A charitable trust is a type of charity run by a small group of people known as trustees. The trustees are appointed rather than elected, and there is no wider membership. A charitable trust is not incorporated, so it cannot enter into contracts or own property in its own right.
While many think of a charitable pledge as a promise, it can be a legally enforceable contract between a donor and a charity. Whether a charitable pledge is a legally enforceable contract depends on the specific language in the pledge document and on applicable state contract law.
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.
Charitable pledges or subscriptions are binding on the donor if the donor knew the charity would rely on the pledge. True consideration occurs only when the value of one promise is equal to the value of the promise given by the other party.
There are four main legal forms for charities: A Trust. An Unincorporated Association. A Charitable Incorporated Organisation (CIO) A Company Limited by Guarantee (CLG)
Generally, courts enforce charitable subscriptions. Some courts focus on the pledge's purpose.
Soliciting Organizations with gross contributions and assets of $25,000 or less during the fiscal year may file an AG990-IL with all required signatures, disclosing only total revenue, total expenditures, and assets at the fiscal year end (Line A, G and O of the AG990-IL).
The problem which this section would address is that charitable pledges are not enforceable in California unless the pledgor receives consideration for making the pledge.
There are several advantages to charitable trust status, including exemption from most forms of taxation and freedom for the trustees that is not found in other types of English trusts. For a charitable trust to be considered valid, the organization must demonstrate both a charitable purpose and a public benefit.
