The majority of not-for-profit organizations in Illinois are organized under the General Not For Profit Corporation Act of 1986. Article 14 of the Act covers annual reporting requirements for Illinois not-for-profits. Here are four things nonprofits should know about the annual report requirements:
The process of filing an annual report is relatively simple. Likewise, the costs associated are minimal and lower than in many other states. Organizations should make sure that their registered agent information is up to date and that annual report deadlines are calendared each year. Although it is simple to do, failing to take care of this could lead to major headaches down the road if an organization is involuntarily dissolved. Activities conducted by an organization that has been dissolved carry a cloud of uncertainty and can later be challenged in court. It is better, and easier, to avoid these complicated legal issues by being diligent and careful to stay up to date with the annual report.
If your organization has any other questions related to the annual report requirement or other compliance issues, please do not hesitate to contact the attorneys at Dalton & Tomich, PC.
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