Senate Bill 2536 Summary

• Requires all nonprofit corporations to file an annual report with the Secretary of State by April 15 each year, containing the corporation's name, registered agent information, principal office address, principal officer names and titles, nature of business, and whether it received public funds.

• Information in annual reports must be current as of the date the report is executed, and the Secretary of State must notify corporations of deficiencies within 30 days, allowing corrections to be deemed timely if submitted within 30 days or before the report's due date.

• Nonprofit corporations may be subject to administrative dissolution or revocation for failure to file their annual report within 60 days after the due date.

• Defines "public funds" as monies received by a nonprofit corporation from the State of Mississippi or its political subdivisions during its most recently completed fiscal year.

• Amends the Secretary of State's authority to prescribe forms for annual reports and adds failure to file annual reports as grounds for administrative dissolution or revocation of certificate of authority for both domestic and foreign nonprofit corporations.