§ 115D-7. Establishment of private, nonprofit corporations. - North Carolina Statutes

§ 115D‑7. Establishment of private, nonprofit corporations.

The State Board of Community Colleges shall encourage the establishmentof private, nonprofit corporations to support the community college system. ThePresident of the Community Colleges System with the approval of the State Boardof Community Colleges, may assign employees to assist with the establishmentand operation of such nonprofit corporation and may make available to thecorporation office space, equipment, supplies and other related resources;provided, the sole purpose of the corporation is to support the communitycollege system.

The board of directors of each private, nonprofit corporation shallsecure and pay for the services of the State Auditor's Office or employ acertified public accountant to conduct an audit of the financial accounts ofthe corporation. The board of directors shall transmit to the State Board ofCommunity Colleges a copy of the annual financial audit report of the privatenonprofit corporation. (1987, c. 383, s. 1; 1999‑84, s. 10.)