AN ACT TO MAKE TECHNICAL, CLARIFYING, AND ADMINISTRATIVE CHANGES TO THE NORTH CAROLINA NONPROFIT CORPORATION ACT AFFECTING MERGERS AND TO INCREASE THE THRESHOLD TO BE EXEMPT FROM CHARITABLE SOLICITATION LICENSING REQUIREMENTS.
House committee substitute makes the following changes to the 1st edition.
Changes the act's long title. Makes organizational and technical changes.
Eliminates the proposed change to GS 55A-12-02, exempting nonprofits from having to provide notice to the Attorney General of the disposal of assets pursuant to a properly adopted plan of dissolution.
Modifies the proposed changes to GS 131F-3, which increases the minimum total contribution threshold for charitable solicitation licensing requirements from $25,000 to $50,000. Maintains existing language that prohibits such organizations from providing compensation to any officer, trustee, organizer, incorporator, fund-raiser, or solicitor (previously removed organizers and incorporators from the prohibition). Now specifies that compensation to any organizer or incorporator does not include professional fees paid to licensed attorneys or accountants. Removes the option to show that the charitable organization has received less than $50,000 by providing a copy of the message confirming submission of IRS Form 990-N. Modifies the option to show that the charitable organization has received less than $50,000 by providing a copy of the organization's current year's budget to specify that the budget must have been approved by its governing board.
Changes the effective date of the proposed changes to GS 55A-11-02 and GS 55A-11-09 from October 1, 2019, to the date the act becomes law. Makes technical changes to the effective date provisions.
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