Books and Records

(1) Every public charity required to file written annual reports with the Division pursuant to M.G.L. c. 12 § 8F shall keep such permanent books of account or records including records of inventories, as are sufficient to substantiate each item of the financial and nonfinancial information required in the annual report. (2) The permanent books of account and records shall be kept accurately, but no particular form is required for keeping the records. (3) The permanent books and records shall support each individual transaction for the recording of the items of gross support, revenue, and expenses. (4) The permanent books of account and records shall provide a functional breakdown of expenses such that fund raising expenses can be distinguished from all other expenses. (5) The permanent books of account shall disclose the sources of revenue and expenses related to special events and show specifically the items of revenue and expenses from the special events. (6) A demand under M.G.L. c. 12, § 8L shall be made at least three business days prior to the required production of records unless the Director reasonably believes that the safekeeping of such records is threatened. (7) Records required by a demand under M.G.L. c. 12, § 8L shall be made available at the usual place of business of the public charity during normal business hours.