Enacts new GS 115D-6.5 (Notice of noncompliance; appointment of an interim board of trustees). Authorizes the State Board of Community Colleges to direct a board of trustees of a community college to immediately remedy a willful or grossly negligent noncompliance with State laws, rules, and sound fiscal management practices. Authorizes the State Board to adopt a resolution, upon a two-thirds vote of the Board, vacating the community college's board of trustees upon persisting noncompliance. Specifies that this authority may only be exercised as an extraordinary remedy used for the most extreme circumstances. Adoption of such a resolution vacates the terms of all members serving on that board of trustees. Directs the State Board of Community Colleges to appoint an interim five-member board of trustees for up to twelve months, upon adoption of the resolution. Directs the State Board of Community Colleges to report adoption of such a resolution to the General Assembly within 60 days of adoption, along with any necessary legislative recommendations for the future governance of the community college.

Makes technical changes to GS 115D-18. Also requires boards of trustees to meet at least once every two (was three) months.

Amends GS 115D-58.16 to authorize the State Board of Community Colleges to require a community college to be audited annually after the community college has two consecutive financial audits with findings.