Relates to public disclosure of financial reports of charitable organizations

BILL NUMBER:S5511

Title of bill

An act to amend the executive law, in relation to financial reports by charitable organizations

Purpose

To make it easier for consumers to review the financial reports that charities must file with the Attorney General's Office.

Summary of provisions

Section 174-b of the Executive Law is amended to require that the Attor- ney General make available online copies of the financial reports that must be submitted. In addition, charitable organizations must include in their solicitations a statement that their filed financial statements may be viewed at a web address specified by the Attorney General.

Justification

State law has long required that registered charitable organizations must include, in their solicitations, a statement that a copy of their filed financial reports may be obtained by contacting the mailing address for the Attorney General. However, many consumers are dissuaded from seeking out this information due to the inconvenience and delays involved in writing to the Attorney General's office in New York City for such information. It would be much more convenient and effective to make such reports available online and to require charitable organiza- tions to provide the appropriate web address so that consumers can easi- ly review these documents so that they may make informed decisions about whether to donate to a particular organization.

Legislative history

New bill.

Fiscal implications

Minimal. The Attorney General's office would incur some costs in posting this information online, but should save copying and mailing costs through reduced written requests for such documents.

Effective date

The 180th day after it shall have become law