IllinoisGRMHD is an open-source, highly-extensible rewrite of the original closed-source general relativistic (ideal) magnetohydrodynamics (GRMHD) code of the Illinois Numerical Relativity (ILNR) Group. Reducing the learning curve was the primary focus of this rewrite, with the goal of facilitating community involvement in the code's use and development, as well as reducing the human effort necessary to generate new science. IllinoisGRMHD also saves computer time, generating roundoff-precision identical output to the original code on adaptive-mesh grids while being nearly twice as fast at scales of hundreds to thousands of cores.