The bill amends Section 5-53.1-4 of the General Laws concerning the reporting requirements for registered charitable organizations. It raises the threshold for organizations that must submit an independent audit from an annual gross income of five hundred thousand dollars ($500,000) to one million dollars ($1,000,000) or less. Charitable organizations with an income of one million dollars or less can meet the financial reporting requirements by providing either an IRS Form 990 or specific financial statements compiled by an independent accountant.

Additionally, the bill allows the director to require audited financial statements from organizations with budgets of one million dollars or less if there is reasonable cause to believe a violation of this chapter has occurred. The act is set to take effect upon passage.

Statutes affected:
783: 5-53.1-4