SB2385

Mississippi TRUST Act requires financial reporting and verification for entities receiving public funds.

The Mississippi TRUST Act mandates that governmental entities verify the registration of charitable organizations, foreign corporations, and nonprofit corporations before disbursing public funds. It requires these entities to file financial statements detailing their use of public funds. The act also stipulates that public funds must be authorized by a line-item appropriation by the Legislature, subject to specific requirements. Nonprofit corporations and foreign corporations must report certain financial information and attest to the outcomes of expenditures related to public funds.