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 | |
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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 |
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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. |