HB1532

House Bill 1532 modifies reporting and registration requirements for charitable organizations in Arkansas. The bill increases the gross revenue threshold required for a charity to submit a full independent audit report from $500,000 to $1,000,000. For organizations with gross revenue between $500,000 and $1,000,000, the bill introduces a requirement for a financial review by an independent certified public accountant. The legislation also provides the Secretary of State with the authority to grant an additional three-month extension for filing financial records, beyond the existing six-month extension. Furthermore, the bill doubles the exemption threshold for charitable organizations, allowing those that receive $50,000 or less in contributions during a calendar year to qualify for certain exemptions, provided they meet specific criteria regarding unpaid staff and non-profit benefit. These changes aim to adjust regulatory burdens based on organization size.