Sec 43-1242. Information returns of tax exempt organizations; definition

A. Every organization exempt under section 43-1201 shall file a return except:

1. A religious organization exempt under section 43-1201, subsection A, paragraph 4.

2. An educational organization exempt under section 43-1201, subsection A, paragraph 4, if such organization normally maintains a regular faculty and students in attendance at the place where its educational activities are regularly carried on.

3. A charitable organization, or an organization for the prevention of cruelty to children or animals, exempt under section 43-1201, subsection A, paragraph 4, if such organization is supported, in whole or in part, by funds contributed by the United States or any state or political subdivision thereof or is primarily supported by contributions of the general public.

4. An organization exempt under section 43-1201, subsection A, paragraph 4, if such organization is operated, supervised or controlled by or in connection with a religious organization described in paragraph 1 of this subsection.

5. An organization exempt solely under section 43-1201, subsection A, paragraph 2.

B. Such return shall be filed annually, at such time and in such manner as the department may prescribe by rule, setting forth:

1. Its gross receipts for the year.

2. Its expenses attributable to such income and incurred within the year.

3. Its disbursements within the year for the purposes for which it is exempt.

4. Its accumulation of income within the year.

5. Its aggregate accumulations of income at the beginning of the year.

6. Its disbursements out of principal in the current and prior years for the purposes for which it is exempt.

7. A balance sheet showing its assets, liabilities and net worth as of the beginning of such year.

8. Such other information as the department may prescribe by rule.

C. An organization otherwise required to file the return specified in subsection A of this section:

1. Need not file it if its gross receipts do not exceed fifty thousand dollars.

2. May comply with this section by filing a copy of the organization's federal "return of organization exempt from income tax" with the department.

D. For the purposes of this section, "gross receipts" means the total amount the organization received from all sources during its annual tax year without subtracting any costs or expenses.