NC S460

Establishes that nonprofit corporations receiving state-funded grants must have at least 35% of their funding from private sources.

Requires that nonprofit administrative expenses do not exceed 15% of their total budget or receipts.

Authorizes the Office of State Budget and Management to suspend further fund disbursements and recover already-disbursed grant funds if nonprofits fail to comply with these criteria.

Mandates that nonprofits receiving state grants certify annually to the State Auditor that they are in compliance with these eligibility requirements.

Effective July 1, 2011, applies to all state grants awarded on or after that date.