Section 480.40  Organizations and Activities Exempt from Registration

a)         Trustees who hold property with a value of less than $4,000 are not required to register with the Attorney General provided that, if assets exceed $4,000 during any 12 month period, no exemption is available and registration is required.

b)         The Federal, state and local governments and their duly authorized agencies and subdivisions are exempt from the registration requirements of the Act (see 760 ILCS 55/4).

c)         Religious organizations, their agencies or affiliates directly supervised by such religious organizations are exempt from the registration requirements of the Act (see 760 ILCS 55/4) for exclusively religious activities.

d)         Individual officers and directors of religious bodies who hold property in their official capacity are exempt from registration under the Act (see 760 ILCS 55/4).

e)         Trustees who hold property for the purpose of and who are exclusively operating schools or hospitals are exempt from the registration requirements of the Act (see 760 ILCS 55/4).

f)         Trustees engaged in any of the above exempt activities, if engaged in non-exempt activities, must still register and account for all non-exempt activities.

(Source:  Amended at 48 Ill. Reg. 16115, effective October 29, 2024)