§ 4-28-104 - Audit of nonprofit organization. - Arkansas Statutes

4-28-104. Audit of nonprofit organization.

(a) For purposes of this section:

(1) "State financial assistance" means all state funds given, granted, or disbursed to a nonprofit organization pursuant to appropriation laws to provide services for the citizens of this state or for capital projects; and

(2) "Nonprofit organization" means an organization exempt from taxation under 26 U.S.C. 501(c)(3).

(b) (1) Any nonprofit organization receiving state financial assistance shall be subject to audit of its receipt and expenditure of state financial assistance by the Division of Legislative Audit.

(2) An audit shall be conducted by the Division of Legislative Audit only after approval by the Legislative Joint Auditing Committee.