The bill amends Section 5-53.1-4 of the General Laws regarding the reporting requirements for charitable organizations. It raises the threshold for financial reporting from an annual gross income of five hundred thousand dollars ($500,000) to one million dollars ($1,000,000). Charitable organizations with a gross income of one million dollars or less can fulfill their reporting obligations by submitting either an IRS Form 990 or other approved financial statements.

The bill also allows the director to require audited financial statements from organizations with gross incomes of one million dollars or less if there is reasonable cause to believe that a violation of the law has occurred. Additionally, it clarifies that parent organizations with affiliates can file a combined report. The due date for submitting financial information is aligned with IRS deadlines, providing organizations with additional time to comply. This act will take effect upon passage.

Statutes affected:
5562: 5-53.1-4