Connecticut General Statutes 21a-190c – Annual financial reports. Fiscal records
(a) Every charitable organization required to register pursuant to section 21a-190b shall annually file with the department, as part of such organization’s application for registration, a financial report for its most recently completed fiscal year, which report shall include a financial statement and such other information as the commissioner may require and shall be certified by an authorized officer of the organization. The information contained in such report shall be available to the public. Such officer shall certify that such report is true and correct to the best of their knowledge. The commissioner shall prescribe the form of the report and may prescribe standards for its completion. The commissioner may accept, under such conditions as said commissioner may prescribe, a copy or duplicate original of financial statements, reports or returns filed by the charitable organization with the Internal Revenue Service or another state having requirements similar to the provisions of sections 21a-190a to 21a-190l, inclusive, or a statement attesting that said documents have been filed with the Internal Revenue Service or another state having requirements similar to the provisions of sections 21a-190a to 21a-190l, inclusive. The commissioner may require a charitable organization to submit to the department an updated financial report for the charitable organization’s most recently completed fiscal year, which report shall include a financial statement.
Terms Used In Connecticut General Statutes 21a-190c
- another: may extend and be applied to communities, companies, corporations, public or private, limited liability companies, societies and associations. See Connecticut General Statutes 1-1
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
(b) (1) For a financial statement that is initially due on or before July 1, 2023, a charitable organization with gross revenue in excess of five hundred thousand dollars in the year covered by the report shall include with the charitable organization’s financial statement an audit report of a certified public accountant.
(2) For a financial statement that is initially due after July 1, 2023, a charitable organization shall include with the charitable organization’s financial statement (A) an attestation that an audit report has been completed by a certified public accountant if the charitable organization had gross revenue in excess of one million dollars in the year covered by such report, or (B) an attestation that an audit or review report has been completed by a certified public accountant if the charitable organization had gross revenue in excess of five hundred thousand dollars but not more than one million dollars in the year covered by such report.
(3) For the purposes of this subsection, gross revenue shall not include grants or fees from government agencies or the revenue derived from funds held in trust for the benefit of the organization.
(4) The commissioner may, upon written request and for good cause shown, waive the audit or review report requirement under this subsection.
(c) Every charitable organization required to file an annual report and every charitable organization subject to the provisions of subdivision (6) of section 21a-190d shall keep true fiscal records which shall be available to the department for inspection upon request. Such organization shall retain such records for no less than three years after the end of the fiscal year to which they relate.