Truth in Contributions Act

[AI summary unavailable — showing source text] Truth In Contributions Act - Imposes a 15 percent tax on the undistributed revenue of a public charity remaining undistributed at the beginning of the second taxable year after such revenue was received. Provides that any revenue remaining undistributed 90 days after notice of deficiency with respect to the 15 percent tax imposed under this Act shall be taxable at a rate of 100 percent (this tax to be effective for taxable years 1980 and thereafter). States that public charities shall be exempt from such taxation for the first four taxable years of the charity. Imposes additional information - reporting requirements on public charities, including statements of the gross revenue, total expenses, and accounting principles employed, a balance sheet, and a breakdown of expenses reported. Requires an annual report to be filed by the chief executive officer of every public charity to include a listing of the 10 most highly compensated officers or employees and each employee or consultant who received more than $20,000 in compensation from the public charity for the taxable year. Requires a disclosure statement, containing the itemization of revenues and expenses required by this Act, to …