(a)  Every charitable organization registered pursuant to § 5-53.1-2 shall file with the director a copy of the annual financial statement of the organization audited by an independent certified public accountant for the organization’s immediately preceding fiscal year, or a copy of a financial statement audited by an independent certified public accountant covering, in a consolidated report, complete information as to all the preceding year’s fundraising activities of the charitable organization, showing kind and amount of funds raised, costs and expenses incidental thereto, and allocation or disbursements of funds raised. Charitable organizations having annual gross income of five hundred thousand dollars ($500,000) or less shall be considered to have met the financial requirements of this section by providing either an IRS Form 990 or the following financial statements for the immediately preceding fiscal year compiled by an independent public or certified accountant:

(1)  Statement of activities; and

(2)  Statement of financial position.

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(b)  The director may require audited, annual financial statements of charitable organizations with budgets of five hundred thousand dollars ($500,000) or less when the director has reasonable cause to believe that a violation of this chapter has occurred.

(c)  Any charitable organization registered pursuant to § 5-53.1-2 that is the parent organization of one or more affiliates within the state, may comply with the reporting requirements of subsection (a) of this section by filing a combined, written report upon forms prescribed by the director.

(d)  As used in this section, the term “affiliate” includes any chapter, branch, auxiliary, or other subordinated unit of any registered charitable organization, however designated, whose policies, fundraising activities, and expenditures are supervised or controlled by the parent.

(e)  There shall be appended to each combined report a schedule, containing the information that may be prescribed by the director reflecting the activities of each affiliate, that shall contain a certification, under penalty of perjury, by an official of the organization, certifying that the information contained therein is true.

(f)  The failure of a parent organization to file an appropriate combined, written report shall not excuse either the parent organization or its affiliates from complying with the provisions of subsection (a) of this section.

(g)  A combined report filed pursuant to this section shall be accompanied by a fee of seventy-five dollars ($75.00) plus seventy-five dollars ($75.00) for each organization included in the report.

(h)  The director may accept a copy of a current annual report previously filed by a charitable organization with any other governmental agency in compliance with the provisions of this chapter; provided, that the report filed with the other governmental agency shall be substantially similar in content to the report required by this section.

(i)  The due date on which to submit financial information (IRS Form 990 or audited annual financial statements) shall initially be extended until the IRS due date, and then until the IRS extension dates, as necessary. For the initial request, the registrant shall submit to the department an extension request letter with the annual registration form stating the IRS due date. For any further extensions, the registrant shall submit an additional letter or a copy of the IRS request for an extension form. The extensions apply to Form 990, the annual audited financial statement, and any other information referred to in § 5-53.1-2(a)(9), (11) and (12). With respect to organizations that submit compiled financial statements referred to in subsection (a) of this section, extensions will be granted upon written request, totaling not more than six (6) months.