Bill > H3356

This bill requires nonprofit organizations to provide detailed financial transparency when applying for state grant funding, specifically mandating that they submit four key pieces of information to relevant state agencies: (1) a complete financial statement showing their existing endowment, (2) a comprehensive list of all foreign donors and the amount of money, goods, or services they have donated in the past five years, (3) a statement disclosing any existing contracts with the Commonwealth for goods or services, and (4) a statement revealing any existing business contracts between Commonwealth entities and members of the organization's board of directors. The purpose of this bill appears to be increasing accountability and transparency for nonprofits seeking state funding by requiring them to disclose potential conflicts of interest and provide a clear picture of their financial background. Additionally, the bill directs the office of the treasurer to develop the necessary rules, regulations, and documentation to implement these new transparency requirements.

Government Affairs

https://malegislature.gov/Bills/194/H3356