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Senate Commerce Committee Statement - Committee Substitute for Senate Bill Nos. 844 and 2533 (March 11, 2021)

Summary

A Senate Commerce Committee statement, dated March 11, 2021, to the Senate Committee Substitute for Senate Bill Nos. 844 and 2533, State of New Jersey. The committee reports the substitute favorably. It amends the New Jersey “Charitable Registration and Investigation Act” to require an audited financial statement from organizations with annual gross revenue in excess of $500,000 in monetary donations, against $250,000 under current law, and excludes certain non-monetary in-kind donations from gross revenue. It also lets certain annual reports and renewal filings be submitted up to 180 days after Executive Order 103 of 2020 ends, without penalty.

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“Senate Commerce Committee Statement - Committee Substitute for Senate Bill Nos. 844 and 2533 (March 11, 2021).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-03-11-scm-s844-s1-e8f5bf9cd5/, SHA-256 265dd83cd3f5409848ef1cf1332c6c1b16516693d1145f10c552dc71ec25f826.

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     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

 SENATE COMMITTEE SUBSTITUTE FOR
          SENATE, Nos. 844 and 2533

 STATE OF NEW JERSEY
                    DATED: MARCH 11, 2021

     The Senate Commerce Committee reports favorably the Senate
Committee Substitute for Senate Bill Nos. 844 and 2533.
    The committee substitute amends the New Jersey “Charitable
Registration and Investigation Act” by revising the thresholds of
gross revenue amounts received by charitable organizations that
determine their annual financial reporting requirements with the
Attorney General’s office and excluding certain non-monetary
donations from gross revenue. The bill also extends certain annual
reporting and filing.
    The bill provides that a charitable organization operating or
soliciting within the State which receives annual gross revenue in
excess of $500,000 in monetary donations must file with its annual
disclosure report a financial statement which has been audited by an
independent certified public accountant. The threshold for this
audited financial statement requirement under current law is
$250,000 of gross revenue, including in-kind donations, or any
greater amount that the Attorney General may prescribe by
regulation.
    In addition, the bill makes a corresponding adjustment by
providing that organizations that have annual gross revenues in
excess of $25,000 and up to $500,000 must file an annual financial
report that is certified by the organization’s president or other
authorized officer.
    The bill also excludes non-monetary in-kind donations directly
related to the mission of the charitable organization from gross
revenue for the purpose of requiring annual disclosure reports to
include a financial statement which has been audited by an
independent certified public accountant. In-kind donations would
include food for food pantries or food shelters, supplies for shelter,
and any other in-kind contributions the Attorney General permits.
     Additionally, the bill requires the State Treasurer to allow any
annual report for a nonprofit corporation that is designated to be
filed while Executive Order 103 of 2020 remains in effect, or up to
180 days after its conclusion, to be filed up to 180 days after the
conclusion of that executive order, without requiring the
corporation to pay any penalty or additional fee other than the
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annual filing fee. Pursuant to the bill, the State Treasurer may not
require any corporation to pay its filing fee in advance of the date
the annual report is filed.
    Lastly, the bill requires the Attorney General to allow any
annual filing of a renewal statement and financial report for a
charitable organization that is scheduled to be filed while Executive
Order 103 of 2020 remains in effect, or up to 180 days after its
conclusion, to be filed up to 180 days after the conclusion of that
executive order, without requiring the organization to pay any
penalty or additional fee other than the annual filing fee. The bill
also provides that the Attorney General may not require any
organization to pay a filing fee in advance of the date the renewal
statement and financial report are filed.

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