Bill Text: AZ SB1272 | 2014 | Fifty-first Legislature 2nd Regular | Engrossed
Bill Title: Nonprofit corporations; state monies; audits
Spectrum: Partisan Bill (Republican 2-0)
Status: (Passed) 2014-04-24 - Chapter 221 [SB1272 Detail]
Download: Arizona-2014-SB1272-Engrossed.html
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Senate Engrossed |
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State of Arizona Senate Fifty-first Legislature Second Regular Session 2014
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SENATE BILL 1272 |
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AN ACT
amending section 35‑181.03, Arizona Revised Statutes; relating to state contracts with nonprofit corporations.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 35-181.03, Arizona Revised Statutes, is amended to read:
35-181.03. Audit of nonprofit corporations receiving state monies; definition
A. All state contracts with nonprofit corporations for assistance shall include requirements concerning financial and compliance audits.
B. Each nonprofit corporation that receives in excess of one two hundred fifty thousand dollars in state assistance in any fiscal year shall file for each such fiscal year at the corporation's expense with the grantor agency either audited financial statements prepared in accordance with federal single audit regulations or financial statements prepared in accordance with generally accepted accounting principles and audited by an independent certified public accountant.
C. Each nonprofit corporation receiving fifty thousand dollars to one hundred thousand dollars in state assistance in any fiscal year shall file biennially at the corporation's expense with the grantor agency either an audited annual financial statement for the most recently completed even‑numbered year prepared in accordance with federal single audit regulations or a financial statement for the most recently completed even‑numbered year prepared in accordance with generally accepted accounting principles and audited by an independent certified public accountant.
D. C. Each nonprofit corporation receiving less than two hundred fifty thousand dollars or less in state assistance in any fiscal year shall comply with contract requirements concerning financial and compliance audits contained in contract agreements governing such programs.
E. D. For the purposes of this section, "nonprofit corporation" means a corporation as defined in section 10‑3140.
