nonprofit corporations; audits

SB 1719 requires nonprofits receiving over $250,000 annually in state funding to submit audited financial statements every five years (ending in 0 or 5), following either federal audit standards or generally accepted accounting principles. This directly affects larger nonprofits receiving significant state assistance, mandating independent audits at their own expense. Smaller nonprofits receiving $250,000 or less in annual state funds must follow audit terms specified in their individual contracts instead. The bill aims to ensure financial accountability for state funds distributed to nonprofit organizations.