AR HB1532

Changes audit report requirement for charitable organizations from those with gross revenue over $500,000 to those with contributions over $1,000,000 during the preceding fiscal year.

Creates a new requirement for charitable organizations with contributions between $500,000 and $1,000,000 to have their financial statements reviewed (rather than fully audited) by an independent certified public accountant.

Excludes grants or fees from government agencies from the definition of "gross revenue" for determining audit requirements.

Allows the Secretary of State to grant an initial extension of up to 6 months for filing tax records and reports, plus an additional 3-month extension upon written request by the charitable organization.

Increases the contribution threshold exemption for small charitable organizations from $25,000 to $50,000 annually for organizations operating entirely with unpaid volunteers.