4-28-404. Charitable organizations exempted from registration and financial disclosure requirements.

4-28-404. Charitable organizations exempted from registration and financial disclosure requirements. The following charitable organizations are not subject to the reporting requirement under §§ 4-28-403 and 4-28-405, provided each organization shall submit an application for a reporting exemption to the Secretary of State, on forms prescribed by the Secretary of State, together with any information as the Secretary of State may require to substantiate a reporting exemption under this section: (1) Religious organizations, i.e., any bona fide, duly constituted religious entity if the entity satisfies each of the following criteria: (A) The entity is exempt from taxation pursuant to the Internal Revenue Code; and (B) No part of the entity's net income inures to the direct benefit of any individual; (2) Educational institutions, i.e., any parent-teacher association or educational institution, the curricula of which in whole or in part are registered or approved by any state or the United States either directly or by acceptance of accreditation by an accrediting body; (3) Political candidates and organizations, i.e., any candidate for national, state, or local elective office or a political party or other committee required to file information with the Federal Election Commission or any state election commission or its equivalent agency; (4) Governmental organizations, i.e., any department branch or other instrumentality of the federal, state, or local governments; (5) Nonprofit hospitals, i.e., any nonprofit hospital licensed by this state or in any other state; (6) Any charitable organization which does not intend to solicit and receive, and does not actually receive, contributions in excess of twenty-five thousand dollars ($25,000) during a calendar year: (A) If all of its functions, including its fund-raising functions, are carried on by persons who are unpaid for their services; and (B) Provided that no part of its assets or income inures to the benefit of or is paid to any officer or member; and (7) Any person who solicits solely for the benefit of organizations described in subdivisions (1)-(6) of this section.