The bill amends Section 5-53.1-4 of the General Laws concerning 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 ($1,000,000) or less can fulfill their reporting obligations by submitting either an IRS Form 990 or other approved financial statements.

Additionally, the bill allows the director to require audited financial statements from organizations with gross income of one million dollars ($1,000,000) or less when there is reasonable cause to believe that a violation of this chapter has occurred. The bill is set to take effect upon passage.

Statutes affected:
5562: 5-53.1-4