Illinois Compiled Statutes 760 ILCS 55/15 – (a) Charitable trustees are subject to certain duties otherwise …
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(a) Charitable trustees are subject to certain duties otherwise defined in Illinois statutes and case law, which include but are not limited to the following:
(1) To avoid “self-dealing” and conflicts of interest;
(2) To avoid wasting charitable assets;
(3) To avoid incurring penalties, fines, and
(1) To avoid “self-dealing” and conflicts of interest;
Terms Used In Illinois Compiled Statutes 760 ILCS 55/15
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Case law: The law as laid down in cases that have been decided in the decisions of the courts.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(2) To avoid wasting charitable assets;
(3) To avoid incurring penalties, fines, and
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unnecessary taxes;
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(4) To adhere and conform the charitable organization
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to its charitable purpose;
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(5) To not make non-program loans, gifts, or advances
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to any person, except as allowed by the General Not For Profit Corporation Act of 1986;
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(6) To utilize the trust in conformity with its
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purposes for the best interest of the beneficiaries;
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(7) To timely file registration and financial reports
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required by this Act; and
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(8) To comply and to cause the charitable
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organization to comply with this Act and, if incorporated, the General Not For Profit Corporation Act of 1986.
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(b) Every person subject to this Act shall maintain accurate and detailed books and records at the principal office of the organization to provide the information required in this Act. All books and records shall be open for inspection at all reasonable times by the Attorney General or his authorized representative.