Full Text of HB2228 97th General Assembly
HB2228ham001 97TH GENERAL ASSEMBLY | Rep. Sidney H. Mathias Filed: 3/15/2011
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| 1 | | AMENDMENT TO HOUSE BILL 2228
| 2 | | AMENDMENT NO. ______. Amend House Bill 2228 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Charitable Trust Act is amended by changing | 5 | | Section 7 as follows:
| 6 | | (760 ILCS 55/7) (from Ch. 14, par. 57)
| 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
| 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.
| 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
| 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
| 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
| 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.
| 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.
| 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
| 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
| 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
| 2 | | the year, on forms prescribed by
the Attorney General.
| 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
| 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.
| 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
| 23 | | signature shall be accepted if there is only one officer or | 24 | | trustee.
| 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
| 12 | | registration is canceled shall require reregistration.
| 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
| 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.
| 21 | | (Source: P.A. 90-469, eff. 8-17-97; 91-444, eff. 8-6-99.)".
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