SB1501sam001 103RD GENERAL ASSEMBLY

Sen. Adriane Johnson

Filed: 3/3/2023

 

 


 

 


 
10300SB1501sam001LRB103 28340 LNS 58529 a

1
AMENDMENT TO SENATE BILL 1501

2    AMENDMENT NO. ______. Amend Senate Bill 1501 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Charitable Trust Act is amended by
5changing Section 7 as follows:
 
6    (760 ILCS 55/7)  (from Ch. 14, par. 57)
7    Sec. 7. (a) Except as otherwise provided, every trustee
8subject to this Act shall, in addition to filing copies of the
9instruments previously required, file with the Attorney
10General periodic annual written reports under oath, setting
11forth information as to the nature of the assets held for
12charitable purposes and the administration thereof by the
13trustee, in accordance with rules and regulations of the
14Attorney General.
15    (b) The Attorney General shall make rules and regulations
16as to the time for filing reports, the contents thereof, and

 

 

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1the manner of executing and filing them. He may classify
2trusts and other relationships concerning property held for a
3charitable purpose as to purpose, nature of assets, duration
4of the trust or other relationship, amount of assets, amounts
5to be devoted to charitable purposes, nature of trustee, or
6otherwise, and may establish different rules for the different
7classes as to time and nature of the reports required to the
8ends (1) that he shall receive reasonably current, annual
9reports as to all charitable trusts or other relationships of
10a similar nature, which will enable him to ascertain whether
11they are being properly administered, and (2) that periodic
12reports shall not unreasonably add to the expense of the
13administration of charitable trusts and similar relationships.
14The Attorney General may suspend the filing of reports as to a
15particular charitable trust or relationship for a reasonable,
16specifically designated time upon written application of the
17trustee filed with the Attorney General and after the Attorney
18General has filed in the register of charitable trusts a
19written statement that the interests of the beneficiaries will
20not be prejudiced thereby and that periodic reports are not
21required for proper supervision by his office.
22    (c) A copy of an account filed by the trustee in any court
23having jurisdiction of the trust or other relationship, if the
24account has been approved by the court in which it was filed
25and notice given to the Attorney General as an interested
26party, may be filed as a report required by this Section.

 

 

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1    (d) The first report for a trust or similar relationship
2hereafter established, unless the filing thereof is suspended
3as herein provided, shall be filed not later than one year
4after any part of the income or principal is authorized or
5required to be applied to a charitable purpose. If any part of
6the income or principal of a trust previously established is
7authorized or required to be applied to a charitable purpose
8at the time this Act takes effect, the first report, unless the
9filing thereof is suspended, shall be filed within 6 months
10after the effective date of this Act. In addition, every
11trustee registered hereunder that received more than $25,000
12in revenue during a trust fiscal year or has possession of more
13than $25,000 of assets at any time during a fiscal year shall
14file an annual financial report within 6 months of the close of
15the trust's or organization's fiscal year, and if a calendar
16year the report shall be due on each June 30 of the following
17year. Every trustee registered hereunder that did not receive
18more than $25,000 in revenue or hold more than $25,000 in
19assets during a fiscal year shall file only a simplified
20summary financial statement disclosing only the gross
21receipts, total disbursements, and assets on hand at the end
22of the year, on forms prescribed by the Attorney General.
23    (e) The periodic reporting provisions of this Act do not
24apply to any trustee of a trust which is the subject matter of
25an adversary proceeding pending in the circuit court in this
26State. However, upon commencement of the proceeding the

 

 

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1trustee shall file a report with the Attorney General
2informing him of that fact together with the title and number
3of the cause and the name of the court. Upon entry of final
4judgment in the cause the trustee shall in like manner report
5that fact to the Attorney General and fully account for all
6periods of suspension.
7    (f) The Attorney General in his discretion may, pursuant
8to rules and regulations promulgated by the Attorney General,
9accept executed copies of federal Internal Revenue returns and
10reports as a portion of the annual reporting. The report shall
11include a statement of any changes in purpose or any other
12information required to be contained in the registration form
13filed on behalf of the organization. The report shall be
14signed under penalty of perjury by the president and the chief
15fiscal officer of any corporate organization or by 2 trustees
16if not a corporation. One signature shall be accepted if there
17is only one officer or trustee.
18    (g) The Attorney General shall cancel the registration of
19any trust or organization that wilfully fails to comply with
20subsections (a), (b), (c) or (d) of this Section within the
21time prescribed, and the assets of the organization may
22through court proceedings be collected, debts paid and
23proceeds distributed under court supervision to other
24charitable purposes upon an action filed by the Attorney
25General as law and equity allow. Upon timely written request,
26the due date for filing may be extended by the Attorney General

 

 

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1for a period of 60 days. Notice of registration cancellation
2shall be mailed by regular mail to the registrant at the
3registration file address or to its registered agent or
4president 21 days before the effective date of the
5cancellation. Reports submitted after registration is canceled
6shall require reregistration.
7    (h) Every trustee registered hereunder that received in
8any fiscal year more than $25,000 in revenue or held more than
9$25,000 in assets shall pay a fee of $15 along with each annual
10financial report filed pursuant to this Act. If an annual
11report is not timely filed, a late filing fee of an additional
12$100 is imposed and shall be paid as a condition of filing a
13late report. Reports submitted without the proper fee shall
14not be accepted for filing.
15    (i) In each annual written report submitted to the
16Attorney General on or after the effective date of this
17amendatory Act of the 103rd General Assembly, any trustee
18subject to this Act that provides $10,000,000 or more in
19grants to other charitable organizations for the year for
20which the report is filed shall report the aggregated
21demographic information of its governing board of directors,
22including race, ethnicity, gender, disability status, veteran
23status, sexual orientation, and gender identity. In collecting
24the aggregated demographic information required by this
25subsection, the trustee shall provide an opportunity for
26individual board members to decline to disclose any or all

 

 

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1personal demographic information to the trustee.
2    (j) No later than 30 calendar days after filing the annual
3report with the Attorney General, a trustee shall post to the
4trustee's publicly available website, if one exists, the
5aggregated demographic information of the trustee's governing
6board of directors as described in subsection (i). The
7aggregated demographic information shall be accessible on the
8trustee's publicly available website, if one exists, for at
9least 5 years after it is posted. A trustee that posts the full
10annual report on its website fulfills the requirement to post
11the aggregated demographic information on its publicly
12available website, if one exists.
13(Source: P.A. 90-469, eff. 8-17-97; 91-444, eff. 8-6-99.)
 
14    Section 99. Effective date. This Act takes effect January
151, 2024.".