Amends TCA Title 48, Chapter 101, Part 5.
Present law provides that the annual report of every charitable organization that received in excess of $500,000 in gross revenue during the most recently completed fiscal year must be accompanied by the following:<br /> <br /> (1) An audited financial statement, presented in accordance with generally accepted accounting principles that has been examined by an independent certified public accountant for the purpose of expressing an opinion on it; and<br /> <br /> (2) All forms required to be filed by a charitable organization with the United States internal revenue service.<br /> <br /> As of January 1, 2025, this bill raises the gross revenue threshold for such requirement from $500,000 to $750,000.<br />
Present law provides that the annual report of every charitable organization that received in excess of $500,000 in gross revenue during the most recently completed fiscal year must be accompanied by the following:<br /> <br /> (1) An audited financial statement, presented in accordance with generally accepted accounting principles that has been examined by an independent certified public accountant for the purpose of expressing an opinion on it; and<br /> <br /> (2) All forms required to be filed by a charitable organization with the United States internal revenue service.<br /> <br /> As of January 1, 2025, this bill raises the gross revenue threshold for such requirement from $500,000 to $750,000.<br />
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