§ 116-30.20. Establishment of private, nonprofit corporations. - North Carolina Statutes

Part2B. Private, Nonprofit Corporations.

§ 116‑30.20.  Establishment of private,nonprofit corporations.

The Board of Governors of The University of North Carolina shallencourage the establishment of private, nonprofit corporations to support theconstituent institutions of The University of North Carolina and The UniversitySystem. The President of The University of North Carolina and the chancellorsof the constituent institutions may assign employees to assist with theestablishment and operation of a nonprofit corporation and may make availableto the corporation office space, equipment, supplies, and other relatedresources; provided, the sole purpose of the corporation is to support TheUniversity of North Carolina or one or more of its constituent institutions.

The board of directors of each such private, nonprofit corporationshall secure and pay for the services of The University System's internalauditors or employ a certified public accountant to conduct an audit of thefinancial accounts of the corporation. The board of directors shall transmit tothe Board of Governors a copy of the annual financial audit report of theprivate, nonprofit corporation. (2005‑276, s.9.22.)