43-1242. Information returns of tax exempt
organizations


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


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


2. An educational organization exempt under section 43-1201, 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, 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, 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, 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 income does not exceed twenty-five 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.