§ 33-56-60 — Report of financial activities; filing requirements; contents; filing IRS Form 990, 990-EZ, or 990-PF as an alternative; exemption; penalty for failure to file.

South Carolina § 33-56-60

• Jurisdiction: South Carolina
• Title 33: CORPORATIONS, PARTNERSHIPS AND ASSOCIATIONS
• Ch. 56: SOLICITATION OF CHARITABLE FUNDS

Text

(A) A charitable organization that has filed a registration statement with the Secretary of State pursuant to Section 33-56-30, or that is soliciting contributions in this State, whether individually or collectively with other organizations, shall file in the office of the Secretary of State an annual report of its financial activities, on forms prescribed by the Secretary of State or on Internal Revenue Service Form 990, 990-EZ, or 990-PF, certified to be true by the organization's chief executive officer and chief financial officer. The report must cover the preceding fiscal year and must be filed within four and one-half months of the close of the organization's fiscal year unless a written extension has been granted by the Secretary of State. To receive an extension, the organization must file with the Secretary of State a written request for an extension or a copy of the extension request submitted to the Internal Revenue Service. (B) The annual financial report must include: (1) specific and itemized support and revenue statements disclosing direct public support from solicitation, indirect public support, government grants, program service revenue, and other revenue. The report must disclose the amount of direct public support received from direct mail solicitation, telephone solicitation, commercial co-venturers, door-to-door solicitations, telethons, and all other itemized sources; (2) specific and itemized expense statements disclosing program services, public information expenditures, fundraising costs, payments to affiliates, management costs, and salaries paid; and (3) balance sheet disclosures containing total assets and liabilities. (C) If a charitable organization is required or elects to file a completed Internal Revenue Service Form 990, 990-EZ, or 990-PF, the organization may file the form with the Secretary of State instead of the report required by subsection (A); however, the form may exclude the information which the Internal Revenue Service would not release pursuant to a Freedom of Information request. (D) A charitable organization determined by the Secretary of State to be exempt from registration pursuant to Section 33-56-50 is not required to file an annual financial report. (E) An organization which fails to file a timely annual financial report required by this section may be enjoined from further solicitation of funds in this State in an action brought by the Secretary of State and is ineligible to renew its registration as a charitable organization until the required financial statements are filed with the Secretary of State. An organization which fails to file a timely annual financial report required by this section may be assessed by the Secretary of State administrative fines of ten dollars for each day of noncompliance for each delinquent report not to exceed two thousand dollars for each separate violation.

Legislative History

HISTORY: 1994 Act No. 461, SECTION 1; 1996 Act No. 294, SECTION 2; 1996 Act No. 458, Part II, SECTION 28G; 1998 Act No. 368, SECTION 8; 2000 Act No. 336, SECTION 1; 2014 Act No. 135 (H.3367), SECTION 2, eff March 13, 2014. Effect of Amendment 2014 Act No. 135, SECTION 2, in the first sentence of subsection (A), substituted "that has filed a registration statement with the Secretary of State pursuant to Section 33-56-30, or that is soliciting contributions in this State, whether individually or collectively with other organizations" for "soliciting funds in this State, whether individually or collectively with other organizations, and not exempt pursuant to Section 33-56-50"; in the last sentence of subsection (A), added "written request for an extension or a"; added subsection (D), relating to an exemption; and made other nonsubstantive changes.