NC H572

Nonprofit corporations receiving over $5,000 in public funding annually from local, state, or federal government must provide financial statements and IRS Form 990/990-EZ/990-N to any member of the public upon written request.

Financial statements must be substantively similar to those required under G.S. 55A-16-20 and include additional details about the amount of public funds received and their use.

Nonprofits may comply by posting financial reports and IRS forms on their public website or through a third-party database at no cost to access, provided they include a link on their website.

Corporations already required to report to the North Carolina Medical Care Commission, Local Government Commission, or private colleges under G.S. 116-22 are exempt but must provide information on their website about where to access their reports.

The act becomes effective October 1, 2012, and applies to nonprofits receiving public funding grants or loans on or after that date.