                                 CODE OF VIRGINIA

RECORDS TO BE KEPT BY CHARITABLE ORGANIZATIONS (§ 57-53)

Every charitable organization shall keep true fiscal records for all fiscal
years beginning on and after January 1, 1975, in accordance with the standards
and practices set out in Standards of Accounting and Financial Reporting for
Voluntary Health and Welfare Organizations adopted and approved in December,
1964, by the National Health Council and National Social Welfare Assembly, and
as may be modified from time to time by the National Health Council and the
National Assembly for Policy and Development, or in accordance with the
standards and practices set out in Uniform Chart of Accounts and Definitions for
Hospitals as approved by, and as may be modified by, the American Hospital
Association, or in accordance with such other uniform standards of accounting as
the Commissioner may find to be as appropriate. A copy of such standards shall
be maintained on file in the office of the Commissioner. Such records shall be
retained for a period of at least three years after the end of the period of
registration to which they relate.

HISTORY: 1974, c. 574; 1979, c. 595.