§ 15

(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 unnecessary taxes; (4) To adhere and conform the charitable organization to its charitable purpose; (5) To not make non-program loans, gifts, or advances to any person, except as allowed by the General Not For Profit Corporation Act of 1986; (6) To utilize the trust in conformity with its purposes for the best interest of the beneficiaries; (7) To timely file registration and financial reports required by this Act; and (8) To comply and to cause the charitable organization to comply with this Act and, if incorporated, the General Not For Profit Corporation Act of 1986. (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.

Legislative History

(Source: P.A. 87-755.)