Illinois co 1 2025

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The text of these two statutes is available on the Illinois Attorney Generals 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.
In Illinois, each nonprofit is governed by a board of directors. The board must have at least 3 people.
As per Illinois state law, charitable organizations are required to complete their annual renewal to remain tax-compliant. The organization has to submit its annual information to the State of Illinois by filing Form AG990-IL along with copies of its federal Form 990 or 990-EZ or 990-PF.
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.
The Illinois 501(c)(3) requirements are that the nonprofit must be: Organized As corporation, LLC, unincorporated association, or trust. Operated Must be operational under one or more exempt purposes.
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Virtually all states allow an LLC to be organized for any lawful purposeunlike for-profit corporation statutes which typically require a business purpose. Moreover, as noted above, four states authorize nonprofit LLCs.

illinois form co 1