Requires nonprofit corporations with over one billion dollars in annual gross revenue to report benefits and reasons for layoffs of over 100.
If a nonprofit corporation in South Carolina has an annual gross revenue exceeding one billion dollars and imposes a reduction in force of more than one hundred employees, it must prepare a report detailing all economic and procedural benefits it is eligible for due to its nonprofit status. The report must include the monetary value of these benefits, the reasons why each benefit is necessary for its operation, and why it was necessary to impose the reduction in force.
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