57-53 - Records to be kept by charitable organizations. - Virginia Statutes

§ 57-53. Records to be kept by charitable organizations.

Every charitable organization shall keep true fiscal records for all fiscalyears beginning on and after January 1, 1975, in accordance with thestandards and practices set out in Standards of Accounting and FinancialReporting for Voluntary Health and Welfare Organizations adopted and approvedin December, 1964, by the National Health Council and National Social WelfareAssembly, and as may be modified from time to time by the National HealthCouncil and the National Assembly for Policy and Development, or inaccordance with the standards and practices set out in Uniform Chart ofAccounts and Definitions for Hospitals as approved by, and as may be modifiedby, the American Hospital Association, or in accordance with such otheruniform standards of accounting as the Commissioner may find to be asappropriate. A copy of such standards shall be maintained on file in theoffice of the Commissioner. Such records shall be retained for a period of atleast three years after the end of the period of registration to which theyrelate.

(1974, c. 574; 1979, c. 595.)