Date of enactment:
2023 Assembly Bill 912 Date of publication*:
2023 WISCONSIN ACT
AN ACT to amend 202.12 (1) (b) 2g., 202.12 (1) (b) 2r., 202.12 (3) (b), 202.12 (3) (bm), 202.12 (3) (d) 1. and 202.12
(3) (d) 2. of the statutes; relating to: financial statements of registered charitable organizations.
The people of the state of Wisconsin, represented in
senate and assembly, do enact as follows:
SECTION 1. 202.12 (1) (b) 2g. of the statutes is
amended to read:
202.12 (1) (b) 2g. A reviewed financial statement for
the most recently completed fiscal year of the charitable
organization, if the charitable organization received con-
tributions in excess of $300,000 $500,000, subject to
adjustment under sub. (8), but not more than $500,000
$1,000,000, subject to adjustment under sub. (8), during
its most recently completed fiscal year. The statement
shall be prepared in accordance with generally accepted
accounting principles and include a review of the finan-
cial statement by an independent certified public
accountant.
SECTION 2. 202.12 (1) (b) 2r. of the statutes is
amended to read:
202.12 (1) (b) 2r. An audited financial statement for
the most recently completed fiscal year of the charitable
organization, if the charitable organization received con-
tributions in excess of $500,000 $1,000,000, subject to
adjustment under sub. (8), during its most recently com-
pleted fiscal year. The statement shall be prepared in
accordance with generally accepted accounting princi-
ples and include the opinion of an independent certified
public accountant on the financial statement.
SECTION 3. 202.12 (3) (b) of the statutes is amended
to read:
202.12 (3) (b) In addition to the annual report
required under par. (a), if a charitable organization
received contributions in excess of $500,000 $1,000,000,
subject to adjustment under sub. (8), during its most
recently completed fiscal year, the charitable organiza-
tion shall file with the department an audited financial
statement for the charitable organization’s most recently
completed fiscal year, prepared in accordance with gen-
erally accepted accounting principles, and the opinion of
an independent certified public accountant on the finan-
cial statement. The audited financial statement shall be
filed within 12 months after the end of that fiscal year.
SECTION 4. 202.12 (3) (bm) of the statutes is
amended to read:
202.12 (3) (bm) In addition to the annual report
required under par. (a), if a charitable organization
received contributions in excess of $300,000 $500,000,
subject to adjustment under sub. (8), but not more than
$500,000 $1,000,000, subject to adjustment under sub.
(8), during its most recently completed fiscal year, the
charitable organization shall file with the department a
financial statement for the charitable organization’s most
recently completed fiscal year, prepared in accordance
with generally accepted accounting principles, and a
* Section 991.11, WISCONSIN STATUTES: Effective date of acts. “Every act and every portion of an act enacted by the legislature over the governor’s
partial veto which does not expressly prescribe the time when it takes effect shall take effect on the day after its date of publication.” − 2 −2023 Wisconsin Act 2023 Assembly Bill 912
review of the financial statement by an independent certi-
fied public accountant. The financial statement shall be
filed within 12 months after the end of that fiscal year.
SECTION 5. 202.12 (3) (d) 1. of the statutes is
amended to read:
202.12 (3) (d) 1. The charitable organization’s contri-
butions were, during each of the past 3 fiscal years, less
than $100,000 $300,000, subject to adjustment under
sub. (8).
SECTION 6. 202.12 (3) (d) 2. of the statutes is
amended to read:
202.12 (3) (d) 2. During the fiscal year for which the
waiver is being requested, the charitable organization
received one or more contributions from one contributor
that exceeded $200,000, subject to adjustment under sub.
(8), if the charitable organization is applying for a waiver
of the requirement set forth in par. (bm), or exceeded
$400,000 $700,000, subject to adjustment under sub. (8),
if the charitable organization is applying for a waiver of
the requirement set forth in par. (b).
SECTION 7.0Initial applicability.
(1) The treatment of s. 202.12 (1) (b) 2g. and 2r. first
applies to applications for registration received after the
effective date of this subsection.
(2) The treatment of s. 202.12 (3) (b), (bm), and (d)
1. and 2. first applies with respect to a fiscal year that
begins after the effective date of this subsection.