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 audited financial statement from an annual gross income of $500,000 to $1,000,000. Charitable organizations with an income of $1,000,000 or less are required to submit either an IRS Form 990 or specific financial statements compiled by an independent accountant to meet the financial reporting requirements. Additionally, the director has the authority to require audited statements from organizations with budgets of $1,000,000 or less if there is reasonable cause to believe that a violation of the law has occurred.

The bill also includes provisions for parent organizations with affiliates, allowing them to file a combined report. It establishes a certification requirement for the accuracy of the information provided in these reports, outlines a fee structure for combined reports, and permits extensions on the due date for submitting financial information, aligning with IRS deadlines. The act is set to take effect upon passage.

Statutes affected:
783: 5-53.1-4