§467B-6.5 Annual financial reports; fiscal records and fees. (a) Every registered charitable organization shall annually file with the department a report for its most recently completed fiscal year. If the charitable organization files a Form 990, 990-EZ, or 990-PF with the Internal Revenue Service, the annual report shall be a copy of that Form 990, 990-EZ, or 990-PF. If the registered charitable organization is required to file a Form 990-T with the Internal Revenue Service, the annual report shall include a copy of that Form 990-T. If a charitable organization is not required to file a Form 990, 990-EZ, or 990-PF with the Internal Revenue Service, the annual report shall contain all information prescribed by the department. The annual report for a charitable organization that files a Form 990, 990-EZ, or 990-PF shall be electronically submitted to the department within ten business days of the date that the organization files the form with the Internal Revenue Service. The annual report for a charitable organization that files a Form 990-N or that is not required to file a Form 990, 990-EZ, or 990-PF shall be electronically submitted to the department not later than the fifteenth day of the fifth month following the close of its fiscal year. An authorized officer or agent of the charitable organization shall sign the annual report and shall certify that the statements therein are true and correct to the best of the officer's or agent's knowledge subject to penalties imposed by section 710-1063. A charitable organization that has obtained an extension of time to file a Form 990, 990-EZ, or 990-PF from the Internal Revenue Service shall provide a copy to the attorney general within twenty days after the copy is requested by the attorney general. The department shall accept, under conditions prescribed by the attorney general, 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 this section; provided that the attorney general may prescribe the form of the annual financial report for charitable organizations that file the Form 990-N with the Internal Revenue Service, or who are not required to file a Form 990, 990-EZ, or 990-PF with the Internal Revenue Service.

(b) A charitable organization required to obtain an audit report by a governmental authority or a third party shall include with its annual financial report, an audit report, prepared in accordance with generally accepted accounting principles, by a certified public accountant.

(c) Each charitable organization filing a report required by this section shall pay a filing fee to the department based on the amount of its total revenue during the time covered by the report at the close of the calendar or fiscal year adopted by the charitable organization as follows:

(1) $0, if total revenue is less than $25,000;

(2) $25, if total revenue is at least $25,000 but less than $50,000;

(3) $50, if total revenue is at least $50,000 but less than $100,000;

(4) $100, if total revenue is at least $100,000 but less than $250,000;

(5) $150, if total revenue is at least $250,000 but less than $500,000;

(6) $200, if total revenue is at least $500,000 but less than $1,000,000;

(7) $250, if total revenue is at least $1,000,000 but less than $2,000,000;

(8) $350, if total revenue is at least $2,000,000 but less than $5,000,000; or

(9) $600, if total revenue is $5,000,000 or more.

For purposes of this subsection, the term "total revenue" means the same as that used on the Internal Revenue Service Form 990, regardless of which form, if any, is filed with the Internal Revenue Service.

(d) If a return, report, or filing fee required under this section is not filed or paid, taking into account any extension of time for filing, unless it is shown that the failure is due to reasonable cause, a late filing fee of $20 shall be imposed for each day during which the violation continues; provided that the total amount imposed under this subsection shall not exceed $1,000.

(e) Every charitable organization subject to section 467B-2.1 and this section shall keep true fiscal records that shall be available to the department for inspection upon request. The organization shall retain the records for no less than three years after the end of the fiscal year to which they relate.

(f) The attorney general may require the annual financial report and audit report required by subsections (a) and (b) to be electronically submitted and to include electronic signatures. [L 2008, c 174, pt of §2; am L 2011, c 40, §2; am L 2013, c 61, §6; am L 2016, c 163, §6; am L 2017, c 86, §4; am L 2019, c 66, §3]