§ 163-278.310. Quarterly report. - North Carolina Statutes

§ 163‑278.310. Quarterly report.

The treasurer of each legalexpense fund shall be required to file a quarterly report with the Boardcontaining all of the following:

(1)        Legal expensedonations. – The name and complete mailing address of each donor, the amount ofthe legal expense donation, the principal occupation of the donor, and the datethe legal expense donation was received. The total sum of all legal expensedonations to date shall also be plainly exhibited. The treasurer is notrequired to report the name of any donor making a total legal expense donationof fifty dollars ($50.00) or less in a calendar quarter, but shall insteadreport the fact that the treasurer has received a total legal expense donationof fifty dollars ($50.00) or less, the amount of the legal expense donation,and the date of receipt.

(2)        Expenditures. – Alist of all expenditures made by or on behalf of the legal expense fund. Thereport shall list the name and complete mailing address of each payee, theamount paid, the purpose, and the date such payment was made. The total sum ofall expenditures to date shall also be plainly exhibited. The payee shall bethe entity to whom the legal expense fund is obligated to make the expenditure.If the expenditure is to a financial institution for revolving credit or areimbursement for a payment to a financial institution for revolving credit,the statement shall also include a specific itemization of the goods andservices purchased with the revolving credit. If the obligation is for morethan one good or service, the statement shall include a specific itemization ofthe obligation so as to provide a reasonable understanding of the obligation.

(3)        Loans. – Allproceeds from loans shall be recorded separately with a detailed analysis reflectingthe amount of the loan, the source, the period, the rate of interest, and thesecurity pledged, if any, and all makers and endorsers.  (2007‑349, s. 1; 2009‑534,s. 2(e).)