Ill. Admin. Code tit. 86 § 1050.300

Current through Register Vol. 49, No. 2, January 10, 2025

Section 1050.300 - [Effective until 5/11/2025] Approval to Issue Certificates of Receipt

a)A qualified community foundation shall submit an application for approval to issue certificates of receipt. Each application shall be submitted electronically and shall be signed and verified by an officer or board member. Each application shall include:

1) a copy of the letter issued by the Internal Revenue Service to the qualified community foundation that it has been granted an exemption from taxation under Section 501(c)(3) of the Internal Revenue Code;

2) certification that the qualified community foundation meets the qualifications under Section 170(b)(1)(A)(vi) and substantially complies with the standards established by Community Foundations National Standards;

3)certification that the qualified community foundation holds a permanent endowment fund meeting the criteria in Section 1050.100;

4)a list of the names and addresses of all members of the governing board of the qualified community foundation;

5)a copy of the most recent financial audit of the qualified community foundation's accounts and records conducted by an independent certified public accountant in accordance with auditing standards generally accepted in the United States, government auditing standards, and rules adopted by the Department;

6) the primary email address to which notices and other documents provided for under the Act shall be sent; and

7) the beginning and ending dates of the qualified community foundation's fiscal and taxable years.

b)The Department shall review and either approve or deny each application to issue certificates of receipt. Applicants shall be notified of the Department's determination within 30 business days after the application is received. Applications for renewal shall be made on an annual basis. If the application is denied, the Department will notify the qualified community foundation of the reason for the denial of the application. A new application may be submitted in a timely manner.

Ill. Admin. Code tit. 86, § 1050.300

Emergency rule adopted at 48 Ill. Reg. 18291, effective 12/12/2024, for a maximum of 150 days, exp. 5/11/2025 (Emergency)