This bill requires an organization that is tax exempt pursuant to the Internal Revenue Code, Section 501(c), including a religious, charitable, educational or nonprofit entity, to report all allegations of sexual assault involving that organization's employees, board members, volunteers or affiliates to law enforcement authorities. "Sexual assault" is defined as any criminal act that constitutes a sexual offense under state or federal law. If a tax-exempt organization fails to report at least 2 separate allegations of sexual assault within a 10-year period, as determined by a court or fact finder in an administrative hearing, that must be reported to the Department of Administrative and Financial Services, Bureau of Revenue Services, which is required to revoke the organization's tax-exempt status for all activities conducted within the State and provide the organization with the opportunity to appeal that revocation. An organization may apply for reinstatement of tax-exempt status after 5 years by demonstrating full compliance with reporting laws, implementation of child protection policies and training programs and cooperation with law enforcement investigations related to prior failures to report.