Section 14.13. Annual reports.

(1) A trustee of a charitable trust subject to  Act  No.  101   of the Public Acts of 1961, as amended, which solicits money from the public, within 6 months after the close of its fiscal year, shall file with the attorney general a copy of its certified audit report for such year, containing a balance sheet, a statement of receipts and disbursements, and  a list of assets including securities held. In  lieu  of  a  certified audit report, such a  trustee  may  file  its  sworn  statement   setting  forth  such information in  accordance  with  the  form prescribed   by   the   attorney general.

(2)   A trustee, except a trustee of a charitable trust which solicits money from the public, subject to Act No. 101 of the Public Acts of 1961, as amended, shall file with the attorney general annual periodic written reports, in accordance with the form prescribed by the attorney general. A copy of the account filed in any court having jurisdiction of  the charitable trust, if the account is substantially the same  as  such form, may be filed as an annual periodic report.

(3)    The first annual periodic report of a charitable trust shall cover the first calendar or fiscal year ending after the trust became subject to such act. The first annual periodic report shall be due on or before  the expiration of 6 months after the close  of the first calendar year or fiscal year after the trust became subject to the act. Thereafter, subsequent annual periodic reports shall be due on or before  the expiration of 6 months after the close of the charitable  trust calendar or fiscal year.

(4)    A charitable trust required to file annual periodic written reports with the attorney general may file in lieu thereof an audit certified  as being  true  and   correct and in accordance   with  generally   accepted accounting principles by a  certified public accountant and containing substantially the information required on the annual periodic report  form of the attorney general.

(5)   A statement indicating whether or not a creator of the trust  or   a contributor to the trust or a trustee, in his individual capacity, or a person related either by consanguinity or by  affinity  to  such  creator,

contributor or trustee, has entered into any  transaction  involving  the purchase, sale, transfer or loan of any of the  trust's  assets,  shall accompany the annual periodic report.

(6)   Complete details regarding all  transactions  in  which    a   trustee, employees of a trustee, or persons related to a  trustee,  or  related  to employees of a trustee, either by consanguinity or by affinity, have personally benefitted from operating and management of the trust or received any part of the income or corpus of the  trust, other than the normal and reasonable trustee fee, shall be disclosed in a statement accompanying the report.

History: 1979 AC.