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SB 698: PUBLIC PEACE, HEALTH, SAFETY & WELFARE PRIVATE FOUNDATION AUDIT EXEMPTIONS

An Act Relating To The Public Peace, Health, Safety And Welfare.

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MILD SB 698
PUBLIC PEACE, HEALTH, SAFETY & WELFARE PRIVATE FOUNDATION AUDIT EXEMPTIONS

Legislative URL:
SB 698 on nmlegis.gov
Emergency Clause:
No
Germane:
N/A
Location:
SPAC
Action:
[10] not prntd-SCONC [22] DNP-CS/w/o rec - ref SPAC/SJC-SPAC API.
Issue(s):

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
SCONC Committee Report
SCONC Committee Substitute
Fiscal Impact Report

Related Events

Upcoming:
Summary

The Senate Conservation Committee Substitute for SB 698 (a dummy bill) exempts certain private foundations from the independent CPA audit normally required by the Charitable Solicitations Act of a charitable organization with revenue in excess of $500,000. Exempted by this bill is a private grant-making or non-operating foundation whose primary activity is making grants to other charitable organizations for exempt purposes and that generally does not solicit public support.

 

A potential benefit of this bill is that exempted foundations, including foundations that make grants to conservation organizations, may have additional staff and financial resources available for grants.