Bill > H5454

This bill requires nonprofit organizations seeking state funding from the General Assembly to provide transparency about their financial compensation by submitting and publicly posting a comprehensive list of details about their top ten highest-paid directors, officers, and employees. Specifically, nonprofits must disclose complete salary information, including all forms of compensation such as health insurance, rental cars, and other benefits. Additionally, the bill mandates that nonprofits reveal all funding sources, encompassing fundraising activities, endowments, trusts, memorial giving, and any other financial streams supporting the organization. This transparency requirement is a precondition for requesting state grants, meaning nonprofits must comply with these disclosure rules to be eligible for state funding. The legislation is designed to increase accountability and provide public insight into how nonprofit organizations allocate their financial resources, particularly for their top leadership. The bill will take effect immediately upon its passage, requiring nonprofits to quickly adapt to these new reporting requirements.

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