18 NCAC 11 .0506             SIMPLIFIED REPORTING FOR CERTAIN ORGANIZATIONS

(a)  A charitable organization or sponsor which has total support and revenue for the preceding fiscal year of less than one hundred thousand dollars ($100,000) may elect to file its financial statement as required by G.S. 131F‑6(8) or 131F‑6(9). A financial statement filed pursuant to G.S. 131F‑6(8) shall be signed by three members of the audit or finance committee.

(b)  A charitable organization or sponsor which has total support and revenue for the preceding fiscal year of one hundred thousand dollars ($100,000) but less than two hundred fifty thousand dollars ($250,000) shall provide a copy of a compilation performed and signed by an independent public accountant and a copy of the IRS Form 990.

(c)  A charitable organization or sponsor which has total support and revenue for the preceding fiscal year of two hundred fifty thousand dollars ($250,000) or more shall provide an audit by a certified public accountant and a copy of IRS Form 990.

History Note:        Authority G.S. 131F‑6; 131F-33;

Eff. January 1, 1982;

Temporary Amendment Eff. January 1, 1995 for a period of 180 days or until the permanent rule becomes effective, whichever is sooner;

Amended Eff. June 1, 1995;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. September 23, 2017.