02-041-1 Me. Code R. § 2
A charitable organization shall include a financial statement covering its most recently audited fiscal year as part of its renewal application. A charitable organization required to file Internal Revenue Service Form 990 and Schedule A forms or a 990EZ form shall include the form(s) as part of its renewal application.
The financial statement must be audited by an accountant licensed by the Maine Board of Accountancy or authorized to practice accounting by the appropriate regulatory body in another jurisdiction. Each financial statement must be accompanied by a statement under oath or affirmation that the preparer is authorized to practice accounting and setting forth the dates of the authorization and the state or other jurisdiction in which the accountant is authorized to practice.
The financial statement shall include:
a balance sheet; a statement of support, revenue, expenses and changes in fund balance; a statement of functional expenses which, at a minimum, are broken into the following categories:o program,
o management and general,
o fundraising; and
such other information as the Office may require.The financial statement shall be prepared in accordance with generally accepted accounting principles. The Office may accept, under such conditions as it may prescribe, statements or returns filed with another state having similar requirements.
If a financial statement appears to be incomplete or otherwise deficient, the Office may forward the statement to the Maine Board of Accountancy, the Committee on Consultation and Review of the Maine Society of Public Accountants, the Maine State Department of Audit, or any number of them for review and comment. The Office shall notify a charitable organization if its financial statement is deemed incomplete or otherwise deficient, and the charitable organization will be given an opportunity to supplement or correct the statement. If the statement is not supplemented or corrected within a reasonable time, then the renewal application may be denied.
02-041 C.M.R. ch. 1, § 2