§ 4-28-403 — Annual financial reports and fiscal records

(a) (1) (A) Each charitable organization subject to this subchapter shall file with the Secretary of State an annual financial report on forms prescribed by the Secretary of State no later than one hundred eighty (180) days after the last date of the charitable organization's fiscal year. (B) The annual financial report described in subdivision (a)(1)(A) of this section shall be accompanied by a copy of all tax or information returns, including all schedules and amendments, submitted by the charitable organization to the Internal Revenue Service for the previous reporting year, except any schedules of contributors to the organization. (2) A charitable organization which maintains its books on other than a calendar-year basis, upon application to the Secretary of State, may be permitted to file the annual financial report described in subdivision (a)(1)(A) of this section with its tax or information returns referred to in subdivision (a)(1)(B) of this section within six (6) months after the close of its fiscal year. (b) (1) A charitable organization with contributions in excess of one million dollars ($1,000,000) during its preceding fiscal year shall file an audited financial statement prepared by an independent certified public accountant. (2) A charitable organization with contributions in excess of five hundred thousand dollars ($500,000) but less than one million dollars ($1,000,000) during its preceding fiscal year shall have its financial statement reviewed by an independent certified public accountant. (3) For purposes of this section, "contribution" does not include a: (A) Bequest to a charitable organization that is received from a decedent's estate; or (B) Testamentary distribution to a charitable organization that is received from a trust. (c) Charitable organizations that are required to register with the Secretary of State but are not required to file an information or tax return with the Internal Revenue Service should submit in lieu of the information or tax return an annual report on forms to be provided by the Secretary of State. (d) (1) The Secretary of State may grant an extension of time not to exceed six (6) months for the filing of the tax records and other reports required by this section upon the charitable organization's filing a notice that states the need for an extension. (2) The Secretary of State may grant a charitable organization an additional three (3) months extension of time under subdivision (d)(1) of this section upon written request by the charitable organization. (e) (1) Every charitable organization subject to the provisions of this subchapter shall keep a full and true record in such form as will enable the charitable organization accurately to provide the information required by this subchapter. (2) All the records shall be open to inspection and copying at all times by the Secretary of State and the Attorney General. (3) The charitable organization shall retain records for at least five (5) years after the end of the fiscal year to which they relate. (4) (A) Any donor lists obtained under this subsection are not subject to disclosure under the Freedom of Information Act of 1967, § 25-19-101 et seq., without a court order authorizing the disclosure. (B) However, donor lists and other records obtained under this subsection may be disclosed to other law enforcement agencies.

Legislative History

Amended by Act 2023, No. 708,§ 1, eff. 8/1/2023. Amended by Act 2023, No. 338,§ 2, eff. 8/1/2023. Amended by Act 2023, No. 338,§ 1, eff. 8/1/2023. Amended by Act 2019, No. 137,§ 1, eff. 7/24/2019. Amended by Act 2017, No. 727,§ 2, eff. 1/1/2018. Acts 1999, No. 1198, § 3.