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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 11-1-130 SO AS TO REQUIRE A NONPROFIT ORGANIZATION TO PROVIDE CERTAIN FINANCIAL DISCLOSURES BEFORE RECEIVING A CONTRIBUTION OF FUNDS FROM A STATE AGENCY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 1, Title 11 of the 1976 Code is amended by adding:
"Section 11-1-130. Before a state agency makes a contribution of funds to a nonprofit organization, the organization must provide the state agency with an accounting of the manner in which the funds will be spent, a copy of the organization's adopted budget for the year in which the funds are accepted, and a copy of the organization's most recent operating financial statement. The State Auditor shall review and audit, if necessary, the financial structure and activities of each organization receiving contributions and make a report to the General Assembly of the review or audit, when requested to do so by the State Fiscal Accountability Authority. For purposes of this section, the procurement of goods or services is not considered a contribution of funds."
SECTION 2. This act takes effect upon approval by the Governor.
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