(a)  A charitable organization or sponsor shall maintain financial records.

(b)  Any person subject to licensure under G.S. 131F‑5, 131F‑15 and 131F‑16 shall maintain accurate financial records. The financial records shall include total support and revenue on a gross basis and an itemization of all actual fund‑raising expenses. Financial records shall be retained for a period of at least three years after the license period to which they relate.

(c)  A charitable organization or a sponsor who plans no solicitation of contributions in the State upon the expiration of its license shall file, with the Department, a financial report within 90 days of the expiration date of the license.

(d)  The charitable organization or sponsor's assets shall not be commingled with those of any other person.


History Note:        Authority G.S. 131F‑18; 131F‑32; 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.