Bill Text: TX HB2147 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to the availability of financial information of nonprofit corporations for public inspection.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-05-01 - Failed to receive affirmative vote in comm. [HB2147 Detail]
Download: Texas-2019-HB2147-Introduced.html
| 86R4773 JES-F | ||
| By: Dutton | H.B. No. 2147 | |
|
|
||
|
|
||
| relating to the availability of financial information of nonprofit | ||
| corporations for public inspection. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Section 22.353, Business Organizations Code, is | ||
| amended to read as follows: | ||
| Sec. 22.353. AVAILABILITY OF FINANCIAL INFORMATION FOR | ||
| PUBLIC INSPECTION. (a) A corporation shall keep records, books, | ||
| and annual reports of the corporation's financial activity and | ||
| audited financial statements described by Subsection (c) at the | ||
| corporation's registered or principal office in this state for at | ||
| least three years after the close of the fiscal year. | ||
| (b) Except as provided by Subsection (c), the [ |
||
| corporation shall make the records, books, and reports available to | ||
| the public for inspection and copying at the corporation's | ||
| registered or principal office during regular business hours. The | ||
| corporation may charge a reasonable fee for preparing a copy of a | ||
| record or report. | ||
| (c) A corporation is exempt from Subsection (b) if: | ||
| (1) an independent certified public accountant has | ||
| conducted an audit of the corporation's financial statements for | ||
| the preceding fiscal year in accordance with generally accepted | ||
| auditing standards; and | ||
| (2) subject to Subsection (d), the corporation makes | ||
| its audited financial statements and the annual reports of the | ||
| corporation's financial activity kept under Subsection (a) | ||
| available to the public for inspection and copying at the | ||
| corporation's registered or principal office during regular | ||
| business hours. The corporation may charge a reasonable fee for | ||
| preparing a copy of a statement or report. | ||
| (d) A corporation shall make an audited financial statement | ||
| described by Subsection (c)(1) available to the public for | ||
| inspection and copying not later than the 180th day after the close | ||
| of the fiscal year to which the audit relates. | ||
| SECTION 2. This Act takes effect September 1, 2019. | ||
