North Carolina 2017-2018 Session Status: In Committee 3 R cosponsors

SB 304 — Required Financial Audits.

Last action — Reptd Fav Com Substitute

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2017-2018 Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

43 added · 72 removed

Plain-language change summary

In the latest version of Senate Bill 304, the introductory section has been updated to clarify the current session of the North Carolina General Assembly and include specific reference to the bill's committee referral. This change matters because it ensures that the bill is clearly identified in the legislative process, making it easier for lawmakers and the public to track its progression and understand its context within the current session.

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GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2017 S 2 SENATE BILL 304 State and Local Government Committee Substitute Adopted 3/28/17 Short Title:
GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 2017 S 1 SENATE BILL 304 Short Title:
Senators Tarte, Hise, B.
Jackson (Primary Sponsors);
Brock, Krawiec, and Sanderson.
March 20, 2017 A BILL TO BE ENTITLED AN ACT TO REQUIRE FINANCIAL AUDITS OF CERTAIN NONPROFIT CORPORATIONS AND ALL STATE OFFICES, DEPARTMENTS, AND AGENCIES AND AN ANNUAL SUBMISSION OF COMPLETED AUDITS TO THE STATE AUDITOR BY UNITS OF LOCAL GOVERNMENT AND PUBLIC AUTHORITIES.
Rules and Operations of the Senate March 20, 2017 A BILL TO BE ENTITLED AN ACT TO REQUIRE FINANCIAL AUDITS OF CERTAIN NONPROFIT CORPORATIONS AND ALL STATE OFFICES, DEPARTMENTS, AND AGENCIES AND AN ANNUAL SUBMISSION OF COMPLETED AUDITS TO THE STATE AUDITOR BY UNITS OF LOCAL GOVERNMENT AND PUBLIC AUTHORITIES.
143C-1-1, or funds from a county or municipality shall be subject to a quadrennial financial audit or a quadrennial financial review as provided herein:
143C-1-1, or local funds shall be subject to a quadrennial financial audit.
(1) If the nonprofit corporation has annual total revenues of one million dollars ($1,000,000) or greater and the nonprofit corporation receives funds from the State, a county, or a municipality, an independent financial audit must be prepared and reported.
This subsection shall not apply to nonprofit corporations that have dissolved or ceased operations at the time an audit under this subsection is required.
(2) If the nonprofit corporation has annual total revenues of nine hundred ninety-nine thousand nine hundred ninety-nine dollars ($999,999) or less and the nonprofit corporation receives funds from the State, a county, or a municipality, an independent financial review must be prepared and reported.
(d) Local Government Requirement.
An independent financial audit is also permissible to comply with this subdivision.
(3) A nonprofit corporation may select the certified public accounting firm to perform the required independent financial audit or independent financial review, as appropriate, and the nonprofit corporation is responsible for the cost of the required independent financial audit or independent financial review.
(d) Exceptions to Nonprofit Corporation Requirement.
– The requirement in subsection (c) of this section shall not apply to any of the following:
(1) A nonprofit corporation that has performed an independent financial audit or an independent financial review in compliance with federal law.
*S304-v-2* General Assembly Of North Carolina Session 2017 (2) A nonprofit corporation that has submitted an audit or review as prepared by a certified public accountant in the ordinary course of business.
In either case, the nonprofit corporation is not required to submit any different or additional audit or review.
(3) A nonprofit corporation that has dissolved or ceased operations at the time an audit is required under subsection (c) of this section.
(e) Local Government Requirement.
A public authority subject to G.S.
(e) Performance of Audits.
159-34 may comply with this subsection by submitting the audit required by the Local Government Commission, if this audit meets the criteria of an independent financial audit, as generally recognized by the North Carolina Association of Certified Public Accountants.
– The State Auditor shall select independent certified public accountants to perform the audits required under subsections (a) through (c) of this section, and the audits shall be completed under the supervision of the Auditor.
(f) Performance of Audits.
– The State Auditor may select independent certified public accountants to perform the audits required under subsections (a) and (b) of this section, and if an independent certified public accountant is selected, the audit shall be completed under the supervision of the Auditor.
(g) Timing.
(f) Timing.
(h) Contract.
(g) Contract.
– Contracting for services under subsection (f) of this section shall be in accordance with Article 3 of Chapter 143 of the General Statutes.
– Contracting for services under subsection (e) of this section shall be in accordance with Article 3 of Chapter 143 of the General Statutes.
(2) An independent certified public accountant shall not perform more than 10 consecutive financial audits for the same State office, department, or agency.
*S304-v-1* General Assembly Of North Carolina Session 2017 (2) An independent certified public accountant shall not perform more than 10 consecutive financial audits for the same State office, department, or agency, or nonprofit corporation.
(i) Costs.
(h) Costs.
– Notwithstanding any provision of law to the contrary, the Auditor is authorized to charge and collect from each State office, department, or agency, the actual costs of audit work required under subsections (a) and (b) of this section;
– Notwithstanding any provision of law to the contrary, the Auditor is authorized to charge and collect from each State office, department, or agency, and each nonprofit corporation, the actual costs of audit work required under subsections (a) through (c) of this section.
provided, however, the Auditor and the State are not responsible for the actual costs of audits and financial reviews under subsection (c) of this section and those costs shall be the responsibility of the nonprofit corporation.
(i) Discretionary Audits.
(j) Discretionary Audits.
This act becomes effective July 1, 2018.
This act becomes effective January 1, 2018.
Page 2 Senate Bill 304-Second Edition
Page 2 Senate Bill 304-First Edition
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Action History

  1. Reptd Fav Com Substitute

  2. Com Substitute Adopted

  3. Re-ref Com On Appropriations/Base Budget

  4. Withdrawn From Com

  5. Re-ref to State and Local Government. If fav, re-ref to Appropriations/Base Budget. If fav, re-ref to Rules and Operations of the Senate

  6. Passed 1st Reading

  7. Ref To Com On Rules and Operations of the Senate

  8. Filed

Sponsors

Sponsorship breakdown

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2 sponsors · 4 co-sponsors · 173 not signed on

Sponsors (2)

Co-sponsors (4)

Not signed on (173)

173 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

public-safety finance
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Frequently asked questions

Who sponsors SB 304?
SB 304 is sponsored by Tarte, Norman W. Sanderson (Republican), Krawiec, Ralph Hise (Republican), Brock, and Brent Jackson (Republican).
What is the current status of SB 304?
This bill died with 2017-2018 Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 304?
Track SB 304 free on One Click Politics — get push/email alerts when it moves.

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