§ 4-28-403 - Annual financial reports and fiscal records. - Arkansas Statutes

4-28-403. Annual financial reports and fiscal records.

(a) (1) On or before May 15 of each year, each charitable organization subject to the provisions of this subchapter shall file with the Attorney General 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 Attorney General, may be permitted to file the tax or information returns referred to in this subsection within six (6) months after the close of its fiscal year.

(b) (1) A charitable organization with gross revenue in excess of five hundred thousand dollars ($500,000) in any fiscal year it is registered shall include with its submission of the tax records referred to in subsection (a) of this section an audit report of a certified public accountant.

(2) For purposes of this section, "gross revenue" shall not include grants or fees from government agencies.

(c) Charities that are required to register with the Attorney General 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 in forms to be provided by the Attorney General.

(d) The Attorney General, upon written request and for good cause shown, 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.

(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 Attorney General.

(3) The charitable organization shall retain records for no less than three (3) years after the end of the fiscal year to which they relate.

(4) (A) Any donor lists obtained pursuant to this subsection shall not be subject to disclosure pursuant to 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 pursuant to this subsection may be disclosed to other law enforcement agencies.