The bill amends Section 5-53.1-4 of the General Laws concerning the solicitation by charitable organizations. It raises the threshold for annual gross income from five hundred thousand dollars ($500,000) to one million dollars ($1,000,000) for charitable organizations that are required to submit an audited financial statement by an independent certified public accountant. 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 bill also outlines the reporting requirements for parent organizations with affiliates, including the need for a combined report and a certification of accuracy. Furthermore, it stipulates that the due date for submitting financial information can be extended in line with IRS deadlines. The bill will take effect upon passage.

Statutes affected:
783: 5-53.1-4