Bill > SB167

This bill modifies the financial audit requirements for consumers' cooperative associations by significantly raising the thresholds that trigger different levels of financial review. Under the revised law, associations with annual business less than $500,000 (increased from $100,000) can have their books audited by a three-member committee elected at the annual membership meeting. Associations with annual business between $500,000 and $2,000,000 (previously $100,000 to $250,000) must have their books professionally audited or reviewed, and associations with annual business over $2,000,000 (previously over $250,000) are required to have a full professional audit. The audit report must continue to include details such as the amount of business transacted with members and non-members, a balance sheet, and income and expense information. The purpose of the bill appears to be reducing the administrative burden on smaller cooperative associations by raising the thresholds for mandatory professional financial reviews while maintaining oversight for larger organizations. The changes will take effect 60 days after the bill's passage.

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https://gc.nh.gov/bill_status/legacy/bs2016/bill_status.aspx?lsr=951&sy=2025&sortoption=&txtsessionyear=2025&txtbillnumber=SB167