Bill > SB1719

This bill amends Arizona law regarding audits for nonprofit corporations that receive state funding, specifically changing the requirements for when these audits must be filed and the period they must cover. Previously, a nonprofit corporation receiving over $250,000 in state assistance in any single fiscal year was required to file audited financial statements. Now, this bill mandates that for years ending in 0 and 5, nonprofit corporations that have received more than $250,000 in state assistance in each of the previous five fiscal years must file audited financial statements for those previous five years at their own expense with the agency that provided the funding. These audits can either be prepared according to federal single audit regulations or be financial statements prepared using generally accepted accounting principles and audited by an independent certified public accountant. The bill also clarifies that nonprofit corporations receiving $250,000 or less in state assistance must still comply with audit requirements as outlined in their specific contract agreements.

Government Affairs

https://apps.azleg.gov/BillStatus/BillOverview/85379