SB 167 - AS INTRODUCED
2025 SESSION
25-0951
05/11
SENATE BILL167
AN ACTrelative to consumers' cooperative associations annual audit requirements.
SPONSORS:Sen. Reardon, Dist 15; Sen. Lang, Dist 2; Sen. Perkins Kwoka, Dist 21; Sen. Avard, Dist 12; Sen. Pearl, Dist 17; Rep. Bricchi, Merr. 15
COMMITTEE:Commerce
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ANALYSIS
This bill increases the financial threshold for an annual audit or review of a consumers' cooperative association.
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Explanation:Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
25-0951
05/11
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Five
AN ACTrelative to consumers' cooperative associations annual audit requirements.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Consumers' Cooperative Associations; Annual Audit or Review. Amend RSA 301-A:30 to read as follows:
301-A:30 Annual Audit or Review. Every association shall cause its books to be audited or reviewed at the end of each year by qualified independent accountants who shall not be officers or directors. Where the annual business of the association amounts to less than [$100,000] $500,000, the audit may be made by a committee consisting of 3 members elected at the annual membership meeting. Where the annual business of the association amounts to between [$100,000 and $250,000] $500,000 and $2,000,000, the association shall cause its books to be audited or reviewed. Where the annual business of the association amounts to more than [$250,000] $2,000,000, the association shall cause its books to be audited. A full report of the audit shall be submitted to the annual meeting of the association. The report shall include a statement of the amount of business transacted with members, the amount of business transacted with nonmembers, the balance sheet, and the income and expenses of the association.
2 Effective Date. This act shall take effect 60 days after its passage.