nonprofit corporations; audits

Summary

The bill amends Arizona law to require every state contract with a nonprofit to include financial and compliance audit provisions. Nonprofits that receive more than $250,000 in state aid in any of the past five fiscal years must submit audited statements for those years when the calendar year ends in 0 or 5. Smaller nonprofits receiving $250,000 or less must follow the audit terms already set in their contracts.

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