Requires audits for nonprofit corporations receiving over $250,000 in state assistance annually.

SB 1719 mandates that all state contracts with nonprofit corporations include financial and compliance audit requirements. Specifically, nonprofit corporations receiving more than $250,000 in state assistance annually must submit audited financial statements to the grantor agency. These statements must either comply with federal single audit regulations or be audited by an independent certified public accountant using generally accepted accounting principles. This applies to audits of the previous five years.

Requires audits for nonprofit corporations receiving over $250,000 in state assistance annually.

SB 1719 mandates that all state contracts with nonprofit corporations include financial and compliance audit requirements. Specifically, nonprofit corporations receiving more than $250,000 in state assistance annually must submit audited financial statements to the grantor agency. These statements must either comply with federal single audit regulations or be audited by an independent certified public accountant using generally accepted accounting principles. This applies to audits of the previous five years.