Mississippi 2024 Regular Session

Mississippi House Bill HB1344

Introduced
2/19/24  
Refer
2/19/24  
Engrossed
3/12/24  
Refer
3/21/24  
Enrolled
4/18/24  

Caption

Nonprofit Corporations; require annual report to be filed with Secretary of State.

Impact

The bill will amend existing statutes in the Mississippi Code regarding nonprofit corporations, necessitating them to provide detailed disclosure through annual reports. By reinforcing these requirements, HB1344 intends to ensure that nonprofits maintain greater accountability to both the state and the public regarding their operational funding and activities, reflecting a significant shift toward more stringent oversight laid down by the Secretary of State’s office. Noncompliance could result in serious penalties, including dissolution or loss of nonprofit status.

Summary

House Bill 1344 mandates that both domestic and foreign nonprofit corporations operating in Mississippi must file an annual report with the Secretary of State. This report must include specific information about the nonprofit's operations, including whether it has received public funds from any governmental entities during the preceding fiscal year. The legislation aims to increase transparency and accountability for nonprofit organizations by establishing clearer regulatory requirements tied to public funding.

Sentiment

The sentiment surrounding HB1344 tends to be supportive among legislators who advocate for transparency in nonprofit operations. Advocates argue that this legislation will protect public interests and taxpayer dollars by ensuring that nonprofit organizations are subject to oversight similar to public entities. However, there may be concerns raised by some nonprofits regarding the administrative burden of compliance and the implications of scrutiny over their funding sources, particularly those that rely heavily on public contributions.

Contention

There are potential points of contention regarding the administrative and financial implications of complying with the new reporting requirements. Nonprofits may argue that the added regulatory burden could detract from their operational capacity and funding for programs. Detractors of the bill may also raise concerns about a chilling effect on nonprofit collaborations with government entities, fearing that stringent reporting may discourage participation or complicate existing relationships with state funding sources. Furthermore, the bill specifies that water associations are exempt, which might lead to debates about equity among nonprofit organizations in how they are governed.

Companion Bills

No companion bills found.

Previously Filed As

MS SB2653

Nonprofit corporations which receive public funds; require reporting to Secretary of State.

MS HB1201

Secretary of State; authorize receipt of reports of financial abuse of vulnerable persons.

MS HB367

Charitable organizations; revise the registration renewal period of certain from every year to every 3 to 5 years, as determined by the SOS.

MS HB1105

Secretary of State employees; authorize certain employees to carry a firearm.

MS HB1

Campaign finance reports; require candidates for county, county district and municipal offices to file with Secretary of State.

MS SB2636

Secretary of State; authorize certain notices by electronic mail.

MS SB2838

Construction contractors; repeal law requiring local permitting and annual State Board of Contractors licensing.

MS HB207

Mississippi Benefit Corporation Act; create.

MS HB1165

Counties and municipalities; authorize to choose not to be subject to requirement for permitting as a condition to construction.

MS HB902

Alcoholic beverages; allow direct sales and shipments of wine to be made to residents in this state.

Similar Bills

MS HB609

Nonprofit corporations; authorize administrative dissolution for failure to file annual report and exempt churches from reporting requirement.

MS HB1554

MS Nonprofit Corporation Act; bring forward.

MS SB2536

Nonprofit corporations which receive public funds; require reporting to Secretary of State.

MS HB187

Electric Power Association Law; bring forward entirely and amend election provisions of.

MS HB178

Electric Power Association Law; bring forward entirely and amend election provisions of.

MS HB325

Electric Power Association Law; bring forward entirely and amend election provisions of.

MS HB445

Electric Power Association Law; bring forward entirely and amend election provisions of.

GA SB148

Nonprofit Corporations; comprehensively revise, simplify, and modernize said chapter