A bill (S304) filed in the NC Senate last Thursday would require every nonprofit that receives state or local government funding to have a financial audit at least once every four years. Currently, nonprofits are only required to be audited if they receive at least $500,000 in state grant funds. The audits would be performed under the direction of the Office of the State Auditor.
In addition to new requirements for nonprofits, the proposed language would impose changes involving the practice procedures of many of our members. While the bill won’t be formally introduced until later today, a copy can be found here. NCACPA’s goal is to collect information from members via Connect and to discuss the collective input with as many stakeholders as possible. Once comments are received, a position on the bill’s provisions will be developed and member feedback will be shared with legislators.