88R18827 JES-F
By: Geren H.B. No. 1957
Substitute the following for H.B. No. 1957:
By: Frazier C.S.H.B. No. 1957
A BILL TO BE ENTITLED
AN ACT
relating to the availability of financial information of nonprofit
corporations for public inspection.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 22.353, Business Organizations Code, is
amended to read as follows:
Sec. 22.353. AVAILABILITY OF FINANCIAL INFORMATION FOR
PUBLIC INSPECTION. (a) A corporation shall keep each document the
corporation is required to make available for public inspection as
an entity that is exempt from income taxation under Section 501(a),
Internal Revenue Code of 1986, by being listed as an exempt
organization under Section 501(c)(3) of that code, [records, books,
and annual reports of the corporation's financial activity] at the
corporation's registered or principal office in this state for at
least three years after the close of the fiscal year.
(b) The corporation shall make the documents described by
Subsection (a) [records, books, and reports] available to the
public for inspection and copying at the corporation's registered
or principal office during regular business hours. The corporation
may charge a reasonable fee for preparing a copy of a document
[record or report].
SECTION 2. This Act takes effect September 1, 2023.