State of Texas Non-profit Disclosures
Updated September 10, 2020
While Texas does not require this information to be posted, we understand that our contributors may feel the necessity of having this at hand.
A copy of the latest financial report, registration filed by this organization, and a description of our programs and activities may be obtained by contacting us at: Colton McBride Memorial, Inc., 805 Parkwest Blvd., Saginaw, TX 76179, 817-507-7026, or ryan@coltonmcbridesundayfunday.org.
Per Texas Law [1]:
A. Required Financial Records and Financial Reports
The Texas Business Organizations Code requires a Texas nonprofit corporation to maintain current and accurate financial records with complete entries as to each of the corporation’s financial transactions, including income and expenditures, in accordance with generally accepted accounting principles (GAAP). See Tex. Bus. Orgs. Code § 22.352(a). In addition, based on these records, the corporation’s board of directors of the corporation must annually prepare or approve a financial report conforming to GAAP for the corporation for the preceding year. See Tex. Bus. Orgs. Code § 22.352(b). The report must include the following:
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a statement of support, revenue, and expenses
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a statement of changes in fund balances
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a statement of functional expenses
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a balance sheet for each fund.[2]
B. Required Public Disclosure of Financial Information
A Texas nonprofit corporation must keep the records, books, and annual reports of its financial activity at its registered or principal office for at least three years after the close of the fiscal year. See Tex. Bus. Orgs. Code § 22.353(a). Further, the corporation must make these records, books, and reports available to the public for inspection and copying at its registered or principal office during regular business hours. See Tex. Bus. Orgs. Code § 22.353(b). The corporation may charge a reasonable fee for preparing a copy of a record or report. [3]
Note: The Texas Supreme Court has held that the predecessor to this statutory provision does not require public disclosure of the names of a nonprofit corporation’s contributors and members. See In re Bay Area Citizens Against Lawsuit Abuse, 982 S.W.2d 371, 381-82 (Tex. 1998) (construing the statute so as to avoid constitutional infirmities).
C. Penalty for Noncompliance
A corporation commits a Class B misdemeanor if it does not maintain a financial record, prepare an annual report, or make the record or report available to the public in the manner required by these statutory rules. See Tex. Bus. Orgs. Code § 22.354(a) & (b).
References:
[1]. Johnny Rex Buckles
Associate Professor of Law
University of Houston Law Center
100 Law Center Dr. Suite TU2
Houston, TX 77204
August 19-20, 2010
http://www.texasbarcle.com/Materials/Events/9378/123581_01.pdf
[2]. Id., § 552.003(1)(A)(xii). “Public funds” are funds of the State of Texas or one of its governmental subdivisions. See id., § 552.003(5). Numerous statutory exceptions to the definition of public information exist.
[3]. Ibid.