Full Text of SB1501 103rd General Assembly
SB1501sam001 103RD GENERAL ASSEMBLY | Sen. Adriane Johnson Filed: 3/3/2023
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| 1 | | AMENDMENT TO SENATE BILL 1501
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 1501 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Charitable Trust Act is amended by | 5 | | changing 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. He may classify | 2 | | trusts and other relationships concerning
property held for a | 3 | | charitable purpose as to purpose, nature of assets,
duration | 4 | | of the trust or other relationship, amount of assets, amounts | 5 | | to
be devoted to charitable purposes, nature of trustee, or | 6 | | otherwise, and may
establish different rules for the different | 7 | | classes as to time and nature
of the reports required to the | 8 | | ends (1) that he shall receive reasonably
current, annual | 9 | | reports as to all charitable trusts or other
relationships of | 10 | | a similar nature, which will enable him to ascertain
whether | 11 | | they are being properly administered, and (2) that periodic | 12 | | reports
shall not unreasonably add to the expense of the | 13 | | administration of
charitable trusts and similar relationships. | 14 | | The Attorney General may
suspend the filing of reports as to a | 15 | | particular charitable trust or
relationship for a reasonable, | 16 | | specifically designated time upon written
application of the | 17 | | trustee filed with the Attorney General and after the
Attorney | 18 | | General has filed in the register of charitable trusts a | 19 | | written
statement that the interests of the beneficiaries will | 20 | | not be prejudiced
thereby and that periodic reports are not | 21 | | required for proper supervision
by his office.
| 22 | | (c) A copy of an account filed by the trustee in any court | 23 | | having
jurisdiction of the trust or other relationship, if the | 24 | | account has
been approved by the court in which it was filed | 25 | | and notice given to the
Attorney General as an interested | 26 | | party, 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 | 2 | | hereafter
established, unless the filing thereof is suspended | 3 | | as herein provided,
shall be filed not later than one year | 4 | | after any part of the income or
principal is authorized or | 5 | | required to be applied to a charitable purpose.
If any part of | 6 | | the income or principal of a trust previously established is
| 7 | | authorized or required to be applied to a charitable purpose | 8 | | at the time
this Act takes effect, the first report, unless the | 9 | | filing thereof is
suspended, shall be filed within 6 months | 10 | | after the effective date of this
Act. In addition, every | 11 | | trustee registered hereunder that received more than
$25,000 | 12 | | in revenue during a trust fiscal year or has possession
of more | 13 | | than
$25,000 of assets at any time during a fiscal year shall | 14 | | file
an annual
financial report within 6 months of the close of | 15 | | the trust's or organization's
fiscal year, and if a calendar | 16 | | year the report shall be due on each June 30 of
the following | 17 | | year. Every trustee registered hereunder that did not receive
| 18 | | more than $25,000 in revenue or hold more than $25,000 in | 19 | | assets during a
fiscal year shall file only a simplified | 20 | | summary financial statement disclosing
only the gross | 21 | | receipts, total disbursements, and assets on hand at the end | 22 | | of
the year, on forms prescribed by
the Attorney General.
| 23 | | (e) The periodic reporting provisions of this Act do not | 24 | | apply to any
trustee of a trust which is the subject matter of | 25 | | an adversary proceeding
pending in the circuit court in this | 26 | | State. However, upon
commencement of the proceeding the |
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| 1 | | trustee shall file a report with the
Attorney General | 2 | | informing him of that fact together with the title and
number | 3 | | of the cause and the name of the court. Upon entry of final | 4 | | judgment
in the cause the trustee shall in like manner report | 5 | | that fact to the
Attorney General and fully account for all | 6 | | periods of suspension.
| 7 | | (f) The Attorney General in his discretion may, pursuant | 8 | | to rules and
regulations promulgated by the Attorney General, | 9 | | accept executed copies of
federal Internal Revenue returns and | 10 | | reports as a portion of the annual
reporting. The report shall | 11 | | include a statement of any changes in purpose
or any other | 12 | | information required to be contained in the registration form
| 13 | | filed on behalf of the organization. The report shall be | 14 | | signed under
penalty of perjury by the president and the chief | 15 | | fiscal officer of any
corporate organization or by 2 trustees | 16 | | if not a corporation. One
signature shall be accepted if there | 17 | | is only one officer or trustee.
| 18 | | (g) The Attorney General shall cancel the registration of | 19 | | any trust or
organization that wilfully fails to comply with | 20 | | subsections (a), (b), (c)
or (d) of this Section within the | 21 | | time prescribed, and the assets of
the organization may | 22 | | through court proceedings be collected, debts paid and
| 23 | | proceeds distributed under court supervision to other | 24 | | charitable purposes
upon an action filed by the Attorney | 25 | | General as law and equity allow.
Upon timely written request, | 26 | | the due date for filing may be extended by the
Attorney General |
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| 1 | | for a period of 60 days. Notice of registration
cancellation | 2 | | shall be mailed by regular mail to the registrant at the
| 3 | | registration file address or to its registered agent or | 4 | | president 21 days
before the effective date of the | 5 | | cancellation. Reports submitted after
registration is canceled | 6 | | shall require reregistration.
| 7 | | (h) Every trustee registered hereunder that received in | 8 | | any 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 | 10 | | financial report filed pursuant to this Act.
If an annual | 11 | | report 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 | 13 | | late report.
Reports submitted without the proper fee shall | 14 | | not be accepted for filing. | 15 | | (i) In each annual written report submitted to the | 16 | | Attorney General on or after the effective date of this | 17 | | amendatory Act of the 103rd General Assembly, any trustee | 18 | | subject to this Act that provides $10,000,000 or more in | 19 | | grants to other charitable organizations for the year for | 20 | | which the report is filed shall report the aggregated | 21 | | demographic information of its governing board of directors, | 22 | | including race, ethnicity, gender, disability status, veteran | 23 | | status, sexual orientation, and gender identity. In collecting | 24 | | the aggregated demographic information required by this | 25 | | subsection, the trustee shall provide an opportunity for | 26 | | individual board members to decline to disclose any or all |
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| 1 | | personal demographic information to the trustee. | 2 | | (j) No later than 30 calendar days after filing the annual | 3 | | report with the Attorney General, a trustee shall post to the | 4 | | trustee's publicly available website, if one exists, the | 5 | | aggregated demographic information of the trustee's governing | 6 | | board of directors as described in subsection (i). The | 7 | | aggregated demographic information shall be accessible on the | 8 | | trustee's publicly available website, if one exists, for at | 9 | | least 5 years after it is posted. A trustee that posts the full | 10 | | annual report on its website fulfills the requirement to post | 11 | | the aggregated demographic information on its publicly | 12 | | available 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 | 15 | | 1, 2024.".
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