Bill Text: TX SB835 | 2023-2024 | 88th Legislature | Introduced


Bill Title: Relating to the availability of financial information of nonprofit corporations for public inspection.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2023-03-01 - Referred to Business & Commerce [SB835 Detail]

Download: Texas-2023-SB835-Introduced.html
  88R7425 JES-F
 
  By: King S.B. No. 835
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the availability of financial information of nonprofit
  corporations for public inspection.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 22.353, Business Organizations Code, is
  amended to read as follows:
         Sec. 22.353.  AVAILABILITY OF FINANCIAL INFORMATION FOR
  PUBLIC INSPECTION. (a) A corporation shall keep records, books,
  and annual reports of the corporation's financial activity and
  audited financial statements described by Subsection (c) at the
  corporation's registered or principal office in this state for at
  least three years after the close of the fiscal year.
         (b)  Except as provided by Subsection (c), the [The]
  corporation shall make the records, books, and reports available to
  the public for inspection and copying at the corporation's
  registered or principal office during regular business hours. The
  corporation may charge a reasonable fee for preparing a copy of a
  record or report.
         (c)  A corporation is exempt from Subsection (b) if:
               (1)  an independent certified public accountant has
  conducted an audit of the corporation's financial statements for
  the preceding fiscal year in accordance with generally accepted
  auditing standards; and
               (2)  subject to Subsection (d), the corporation makes
  its audited financial statements and the annual reports of the
  corporation's financial activity kept under Subsection (a)
  available to the public for inspection and copying at the
  corporation's registered or principal office during regular
  business hours. The corporation may charge a reasonable fee for
  preparing a copy of a statement or report.
         (d)  A corporation shall make an audited financial statement
  described by Subsection (c)(1) available to the public for
  inspection and copying not later than the 180th day after the close
  of the fiscal year to which the audit relates.
         SECTION 2.  This Act takes effect September 1, 2023.
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