Rep. Sidney H. Mathias
Filed: 3/15/2011
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1 | AMENDMENT TO HOUSE BILL 2228
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2 | AMENDMENT NO. ______. Amend House Bill 2228 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Charitable Trust Act is amended by changing | ||||||
5 | Section 7 as follows:
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6 | (760 ILCS 55/7) (from Ch. 14, par. 57)
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7 | Sec. 7.
(a) Except as otherwise provided, every trustee | ||||||
8 | subject to this Act
shall, in addition to filing copies of the | ||||||
9 | instruments previously required,
file with the Attorney | ||||||
10 | General periodic annual written reports under oath,
setting
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11 | forth information as to the nature of the assets held for | ||||||
12 | charitable
purposes and the administration thereof by the | ||||||
13 | trustee, in accordance with
rules and regulations of the | ||||||
14 | Attorney General.
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15 | (b) The Attorney General shall make rules and regulations | ||||||
16 | as to the time
for filing reports, the contents thereof, and |
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1 | the manner of executing and
filing them. These rules shall take | ||||||
2 | account of the mandates imposed upon charitable trusts by the | ||||||
3 | Internal Revenue Code, and shall, to the maximum extent | ||||||
4 | possible, chronologically reconcile the filing dates of the | ||||||
5 | periodic reporting requirements imposed upon charitable | ||||||
6 | trustees by federal and State law. He or she may classify | ||||||
7 | trusts and other relationships concerning
property held for a | ||||||
8 | charitable purpose as to purpose, nature of assets,
duration of | ||||||
9 | the trust or other relationship, amount of assets, amounts to
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10 | be devoted to charitable purposes, nature of trustee, or | ||||||
11 | otherwise, and may
establish different rules for the different | ||||||
12 | classes as to time and nature
of the reports required to the | ||||||
13 | ends (1) that he or she shall receive reasonably
current, | ||||||
14 | annual reports as to all charitable trusts or other
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15 | relationships of a similar nature, which will enable him or her | ||||||
16 | to ascertain
whether they are being properly administered, and | ||||||
17 | (2) that periodic reports
shall not unreasonably add to the | ||||||
18 | expense of the administration of
charitable trusts and similar | ||||||
19 | relationships. The Attorney General may
suspend the filing of | ||||||
20 | reports as to a particular charitable trust or
relationship for | ||||||
21 | a reasonable, specifically designated time upon written
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22 | application of the trustee filed with the Attorney General and | ||||||
23 | after the
Attorney General has filed in the register of | ||||||
24 | charitable trusts a written
statement that the interests of the | ||||||
25 | beneficiaries will not be prejudiced
thereby and that periodic | ||||||
26 | reports are not required for proper supervision
by his or her |
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1 | office.
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2 | (c) A copy of an account filed by the trustee in any court | ||||||
3 | having
jurisdiction of the trust or other relationship, if the | ||||||
4 | account has
been approved by the court in which it was filed | ||||||
5 | and notice given to the
Attorney General as an interested | ||||||
6 | party, may be filed as a report
required by this Section.
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7 | (d) The first report for a trust or similar relationship | ||||||
8 | hereafter
established, unless the filing thereof is suspended | ||||||
9 | as herein provided,
shall be filed not later than one year | ||||||
10 | after any part of the income or
principal is authorized or | ||||||
11 | required to be applied to a charitable purpose.
If any part of | ||||||
12 | the income or principal of a trust previously established is
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13 | authorized or required to be applied to a charitable purpose at | ||||||
14 | the time
this Act takes effect, the first report, unless the | ||||||
15 | filing thereof is
suspended, shall be filed within 6 months | ||||||
16 | after the effective date of this
Act. In addition, every | ||||||
17 | trustee registered hereunder that received more than
$25,000 in | ||||||
18 | revenue during a trust fiscal year or has possession
of more | ||||||
19 | than
$25,000 of assets at any time during a fiscal year shall | ||||||
20 | file
an annual
financial report within 6 months of the close of | ||||||
21 | the trust's or organization's
fiscal year, and if a calendar | ||||||
22 | year the report shall be due on each June 30 of
the following | ||||||
23 | year. Every trustee registered hereunder that did not receive
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24 | more than $25,000 in revenue or hold more than $25,000 in | ||||||
25 | assets during a
fiscal year shall file only a simplified | ||||||
26 | summary financial statement disclosing
only the gross |
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1 | receipts, total disbursements, and assets on hand at the end of
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2 | the year, on forms prescribed by
the Attorney General.
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3 | (e) The periodic reporting provisions of this Act do not | ||||||
4 | apply to any
trustee of a trust which is the subject matter of | ||||||
5 | an adversary proceeding
pending in the circuit court in this | ||||||
6 | State. However, upon
commencement of the proceeding the trustee | ||||||
7 | shall file a report with the
Attorney General informing him or | ||||||
8 | her of that fact together with the title and
number of the | ||||||
9 | cause and the name of the court. Upon entry of final judgment
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10 | in the cause the trustee shall in like manner report that fact | ||||||
11 | to the
Attorney General and fully account for all periods of | ||||||
12 | suspension.
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13 | (f) The Attorney General in his or her discretion may, | ||||||
14 | pursuant to rules and
regulations promulgated by the Attorney | ||||||
15 | General, accept executed copies of
federal Internal Revenue | ||||||
16 | returns and reports as a portion of the annual
reporting. The | ||||||
17 | report shall include a statement of any changes in purpose
or | ||||||
18 | any other information required to be contained in the | ||||||
19 | registration form
filed on behalf of the organization. The | ||||||
20 | report shall be signed under
penalty of perjury by the | ||||||
21 | president and the chief fiscal officer of any
corporate | ||||||
22 | organization or by 2 trustees if not a corporation. One
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23 | signature shall be accepted if there is only one officer or | ||||||
24 | trustee.
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25 | (g) The Attorney General shall cancel the registration of | ||||||
26 | any trust or
organization that wilfully fails to comply with |
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1 | subsections (a), (b), (c)
or (d) of this Section within the | ||||||
2 | time prescribed, and the assets of
the organization may through | ||||||
3 | court proceedings be collected, debts paid and
proceeds | ||||||
4 | distributed under court supervision to other charitable | ||||||
5 | purposes
upon an action filed by the Attorney General as law | ||||||
6 | and equity allow.
Upon timely written request, the due date for | ||||||
7 | filing may be extended by the
Attorney General for a period of | ||||||
8 | 60 days. Notice of registration
cancellation shall be mailed by | ||||||
9 | regular mail to the registrant at the
registration file address | ||||||
10 | or to its registered agent or president 21 days
before the | ||||||
11 | effective date of the cancellation. Reports submitted after
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12 | registration is canceled shall require reregistration.
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13 | (h) Every trustee registered hereunder that received in any | ||||||
14 | fiscal year
more than $25,000 in revenue or held more than | ||||||
15 | $25,000 in assets shall pay a
fee of $15 along with each annual | ||||||
16 | financial report filed pursuant to this Act.
If an annual | ||||||
17 | report is not timely filed, a late filing fee of an additional
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18 | $100 is imposed and shall be paid as a condition of filing a | ||||||
19 | late report.
Reports submitted without the proper fee shall not | ||||||
20 | be accepted for filing.
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21 | (Source: P.A. 90-469, eff. 8-17-97; 91-444, eff. 8-6-99.)".
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