SB2940 Summary

• Creates the Not-for-Profit Business Enterprise Act to establish certification and contracting preferences for minority-led, woman-led, and disability-led not-for-profit organizations with state agencies and public institutions of higher education.

• Sets an aspirational goal of awarding at least 10% of total state contract dollars to eligible not-for-profit organizations, calculated independently for each contract type and state agency.

• Requires the Business Enterprise Council to develop certification procedures and maintain lists of qualified not-for-profit organizations meeting the definitions under the act.

• Mandates that state agencies and public institutions of higher education submit annual compliance plans to the Business Enterprise Council outlining their contracting goals and strategies for working with eligible not-for-profit organizations.

• Amends the Public Utilities Act to include minority-led, woman-led, and disability-led not-for-profit organizations in supplier diversity reporting requirements for utility companies with at least 100,000 customers.