Illinois Statutes Chapter 760. Trusts and Fiduciaries § 55/15. Duties of charitable trustees

(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;  1

(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.