Bill Text: TX SB2180 | 2017-2018 | 85th Legislature | Introduced


Bill Title: Relating to financial records and audits of nonprofit corporations.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2017-03-29 - Referred to Business & Commerce [SB2180 Detail]

Download: Texas-2017-SB2180-Introduced.html
 
 
  By: Menéndez S.B. No. 2180
 
 
 
   
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to financial records and audits of nonprofit corporations.
         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 at the
  corporation's registered or principal office in this state for at
  least three years after the close of the fiscal year.
         (b)  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)  If a certified public accountant has conducted an
  independent audit of any of the previous three fiscal years' of the
  corporation's finances, the corporation shall be exempt from
  22.353(b) so long as the corporation makes available to the public a
  copy of the audit letter and copies of its most recent three annual
  reports. 
         SECTION 2.  Section 22.354, Business Organizations Code, is
  amended to read as follows:
         Sec. 22.354.  FAILURE TO MAINTAIN FINANCIAL RECORD OR
  PREPARE ANNUAL REPORT; OFFENSE. (a)  Subject to section
  22.353(c), a A corporation commits an offense if the corporation
  fails to maintain a financial record, prepare an annual report, or
  make the record or report available to the public in the manner
  required by Section 22.353.
         (b)  An offense under this section is a Class B misdemeanor.
         SECTION 3.  This Act takes effect September 1, 2017.
feedback