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NON-PROFIT ACT
Created at 29/06/2025, 14:21This bill was passed.
A NON-PROFIT ORGANIZATION MEANS ANY ORGANIZATION THAT DOES NOT EXIST TO MAKE A PROFIT FOR PRIVATE INDIVIDUALS OR SHAREHOLDERS. INSTEAD, ALL THE MONEY THEY BRING IN MUST BE USED FOR CHARITABLE, EDUCATIONAL, SCIENTIFIC, OR LITERARY PURPOSES. IF A ORGANIZATION DOES NOT DONATE AT LEAST 80% OF THEIR DONATIONS TO THEIR STATED PURPOSE EVERY YEAR, SAID ORIGINATION DOES NOT QUALIFY.
IF AN ORGANIZATION QUALIFIES AS A NON-PROFIT:
THEN THEY SHALL NOT BE SUBJECT TO ANY TAXES, FEES, DUTIES, OR SURCHARGES THAT ARE CALCULATED BASED ON HOW MUCH MONEY COMES INTO THE ORGANIZATION.THE ORGANIZATION MUST PUBLISH ALL FINANCIAL RECORDS ONLINE OR ON A PUBLICLY ACCESSIBLE BULLETIN BOARD. SAID FINANCIAL RECORDS MUST INCLUDE: DONATIONS RECEIVED, EXPENSES AND OPERATIONAL COSTS, AND SALARIES PAID. THESE RECORDS MUST AVAILABLE WITHIN 90 DAYS OF FISCAL YEAR END.THE ORGANIZATION MUST ALLOW ANY MEMBER OF THE PUBLIC TO REQUEST A COPY OF THEIR FINANCIAL REPORT, FREE OF CHARGE.IF AN ORGANIZATION: DOES NOT MAKE THEIR RECORD PUBLIC, OR USE DONATIONS NOT FOR THEIR STATED PURPOSE: THEN, THEIR TAX-EXEMPTION STATUS IS REVOKED FOR A MINIMUM OF 1 YEAR, AND THEY ARE FINED AN AMOUNT DEEMED APPROPRIATE BY AN OFFICIAL JUDGE.
Created byIF AN ORGANIZATION QUALIFIES AS A NON-PROFIT:
THEN THEY SHALL NOT BE SUBJECT TO ANY TAXES, FEES, DUTIES, OR SURCHARGES THAT ARE CALCULATED BASED ON HOW MUCH MONEY COMES INTO THE ORGANIZATION.THE ORGANIZATION MUST PUBLISH ALL FINANCIAL RECORDS ONLINE OR ON A PUBLICLY ACCESSIBLE BULLETIN BOARD. SAID FINANCIAL RECORDS MUST INCLUDE: DONATIONS RECEIVED, EXPENSES AND OPERATIONAL COSTS, AND SALARIES PAID. THESE RECORDS MUST AVAILABLE WITHIN 90 DAYS OF FISCAL YEAR END.THE ORGANIZATION MUST ALLOW ANY MEMBER OF THE PUBLIC TO REQUEST A COPY OF THEIR FINANCIAL REPORT, FREE OF CHARGE.IF AN ORGANIZATION: DOES NOT MAKE THEIR RECORD PUBLIC, OR USE DONATIONS NOT FOR THEIR STATED PURPOSE: THEN, THEIR TAX-EXEMPTION STATUS IS REVOKED FOR A MINIMUM OF 1 YEAR, AND THEY ARE FINED AN AMOUNT DEEMED APPROPRIATE BY AN OFFICIAL JUDGE.