Senate amendment to the 2nd edition makes the following changes. Amends GS 115C-407.55 by increasing the scope of the rules governing student participation in interscholastic athletic activities that must be adopted by the State Board of Education to include rules on student amateur status requirements, including rules related to use of a student's name, image and likeness. Amends GS 115C-407.61(a)(11) (requirements governing any MOU between the Superintendent of Public Instruction and a nonprofit organization to administer high school interscholastic athletic activity rules) to have nonprofit organization agree to be audited annually by a reputable independent auditor that meets, at a minimum, the standards required by the Local Government Commission for certification to audit local government accounts as provided in GS 159-34 (was agree to be audited by a reputable independent auditing firm).  Allows the Superintendent to renew a memorandum of understanding with an administering organization for an additional term of four years. Provides for written notice in cases of nonrenewal.