In a blog entry from last week, a number of significant concerns about Sen. Eltife’s SB 1215 were raised.
The substitute bill voted out of committee is substantially different from the version originally filed. Where the original bill called for audits of all charitable corporations with $250,000 or more of revenues, the substitute calls for reviews for charitable corporations with revenues of at least $500,000 but less than $750,000 and audits for entities with revenues of $750,000 or over. While the penalties remain severe (still up to $1,000 per day) they no longer apply to small organizations that are not required to have reviews or audits. The requirement for an audit committee was also eliminated.
TSCPA met with Sen. Eltife’s staff, the Attorney General’s staff and Rep. Hughes (R-Mineola), the author of the House companion bill, HB 3417. We also testified at the House Business and Industry committee hearing on Tuesday. All parties were very accommodating and we now have a good opportunity to get some changes made to improve the bill.
Click here to read the committee substitute for SB 1215.