§ 21a-190c — Annual financial reports. Fiscal records.

Connecticut § 21a-190c

• Jurisdiction: Connecticut
• Title 21a: Consumer Protection
• Ch. 419d: Solicitation of Charitable Funds Act

Text

(a) Every charitable organization required to register pursuant to section 21a-190b shall annually file with the department, as part of such organization's application for registration, a financial report for its most recently completed fiscal year, which report shall include a financial statement and such other information as the commissioner may require and shall be certified by an authorized officer of the organization. The information contained in such report shall be available to the public. Such officer shall certify that such report is true and correct to the best of their knowledge. The commissioner shall prescribe the form of the report and may prescribe standards for its completion. The commissioner may accept, under such conditions as said commissioner may prescribe, a copy or duplicate original of financial statements, reports or returns filed by the charitable organization with the Internal Revenue Service or another state having requirements similar to the provisions of sections 21a-190a to 21a-190 l, inclusive, or a statement attesting that said documents have been filed with the Internal Revenue Service or another state having requirements similar to the provisions of sections 21a-190a to 21a-190 l, inclusive. The commissioner may require a charitable organization to submit to the department an updated financial report for the charitable organization's most recently completed fiscal year, which report shall include a financial statement. (b) (1) For a financial statement that is initially due on or before July 1, 2023, a charitable organization with gross revenue in excess of five hundred thousand dollars in the year covered by the report shall include with the charitable organization's financial statement an audit report of a certified public accountant. (2) For a financial statement that is initially due after July 1, 2023, a charitable organization shall include with the charitable organization's financial statement (A) an attestation that an audit report has been completed by a certified public accountant if the charitable organization had gross revenue in excess of one million dollars in the year covered by such report, or (B) an attestation that an audit or review report has been completed by a certified public accountant if the charitable organization had gross revenue in excess of five hundred thousand dollars but not more than one million dollars in the year covered by such report. (3) For the purposes of this subsection, gross revenue shall not include grants or fees from government agencies or the revenue derived from funds held in trust for the benefit of the organization. (4) The commissioner may, upon written request and for good cause shown, waive the audit or review report requirement under this subsection. (c) Every charitable organization required to file an annual report and every charitable organization subject to the provisions of subdivision (6) of section 21a-190d shall keep true fiscal records which shall be available to the department for inspection upon request. Such organization shall retain such records for no less than three years after the end of the fiscal year to which they relate.

Legislative History

(P.A. 86-369, S. 3; P.A. 00-217, S. 1; P.A. 01-195, S. 90, 181; P.A. 05-101, S. 2; P.A. 09-102, S. 3; P.A. 10-9, S. 14; P.A. 18-40, S. 2; P.A. 23-98, S. 16; 23-99, S. 30.) History: P.A. 00-217 amended Subsec. (b) by replacing $100,000 with $200,000 and excluding from gross revenue “the revenue derived from funds held in trust for the benefit of the organization”; P.A. 01-195 made a technical change in Subsec. (a) for the purposes of gender neutrality, effective July 11, 2001; P.A. 05-101 amended Subsec. (a) to require the filing of a financial report as part of an organization's application for registration and that information in such financial report be available to the public and to delete provision specifying time for filing and amount of filing fee, deleted former Subsecs. (c) and (d) re extension of time for filing and re late filing fee, respectively, and redesignated existing Subsec. (e) as new Subsec. (c), effective June 7, 2005; P.A. 09-102 amended Subsec. (b) by increasing audit report threshold from $200,000 to $500,000 and allowing commissioner to waive audit requirement for good cause shown, effective July 1, 2009; P.A. 10-9 amended Subsec. (a) to replace requirement re signed financial report with requirement re certified financial report, effective May 5, 2010; P.A. 18-40 amended Subsec. (a) to replace “two authorized officers” with “an authorized officer”, delete reference to chief fiscal officer, add provision re statement that documents filed with Internal Revenue Service or another state and provision re updated financial report, and make a conforming change, effective May 31, 2018; P.A. 23-98 amended Subsec. (b) by dividing existing provisions into Subdivs. (1), (3) and (4), adding provision re financial statements initially due on or before July 1, 2023, in Subdiv. (1), adding Subdiv. (2) re financial statements initially due after July 1, 2023, and making technical and conforming changes, effective June 26, 2023; P.A. 23-99 made identical changes as P.A. 23-98, effective June 29, 2023. Cited. 219 C. 384.