Bill Summary for S 304 (2017-2018)
|View NCGA Bill Details||2017-2018 Session|
AN ACT TO REQUIRE FINANCIAL AUDITS OF CERTAIN NONPROFIT CORPORATIONS AND ALL STATE OFFICES, DEPARTMENTS, AND AGENCIES AND AN ANNUAL SUBMISSION OF COMPLETED AUDITS TO THE STATE AUDITOR BY UNITS OF LOCAL GOVERNMENT AND PUBLIC AUTHORITIES.Intro. by Tarte, Hise, B. Jackson.
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Senate committee substitute makes the following changes to the 1st edition.
Amends proposed GS 147-64.6E to also require nonprofit corporations that receive funds from a county or municipality, in addition to those receiving state funds, to be subject to an audit, and requires that the audit required of the specified nonprofit corporations be administered quadrennially. Provides for an alternative quadrennial financial review for nonprofit corporations with annual total revenues of $999,999 or less. Authorizes the nonprofit corporation to select the certified public accounting firm to perform the required audit or review. Exempts nonprofit corporations that have performed an independent financial audit or financial review in compliance with federal law, nonprofit corporations that have submitted an audit or review prepared by a certified public accountant in the ordinary course of business, and nonprofit corporations that have dissolved or ceased operations at the time an audit is required. Provides for public authorities subject to GS 159-34 to comply by submitting the audit required by the Local Government Commission. Authorizes, but does not direct, the State Auditor to select independent certified public accountants to perform the required audits for state agencies (currently, directs the Auditor to select the independent certified public accountants for state agencies and nonprofit corporations receiving public funds). Provides that the State Auditor and the State are not responsible for the actual costs of audits and financial reviews for nonprofit corporations. Makes conforming changes.