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):

General Interest

Related Legislators

Bill Sponsor:

Peter Wirth

Related Documents

Downloads:

Introduced
SCONC Committee Report
SCONC Committee Substitute
Fiscal Impact Report

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.