Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

The second paragraph of section 8F of chapter 12 of the General Laws, as appearing in the 2002 Official Edition, is hereby amended by striking out the fourth sentence and inserting in place thereof the following sentence:- A public charity which received not more than $500,000 in gross support and revenue during the fiscal year covered by its report may in lieu of an audited financial statement submit a financial statement accompanied by an independent certified public accountant's review report as that report is defined by the American Institute of Certified Public Accountants.