WeVote
Log In

Bill

Bill

S 2224

Taiwan International Solidarity Act

119th Congress Introduced by John Curtis and 1 co-sponsor

Bill S 2224 mandates small nonprofits to submit annual financial reports, enhancing transparency for donors and regulators while reducing administrative burdens.

Committee on Foreign Relations. Reported by Senator Risch without amendment. Without written report.
0
WeVote Research Nonpartisan
Bill Summary · S 2224

Summary of Bill S 2224: Reporting Requirements on Small Nonprofits

Bill Number: S 2224
Title: Relates to Reporting Requirements on Small Nonprofits
Status: Referred to Governmental Operations
Introduced: January 16, 2025
Classification: Bill

Purpose and Intent

Bill S 2224 aims to enhance transparency and accountability among small nonprofit organizations by establishing new reporting requirements. The intent is to ensure that these organizations operate with integrity and provide stakeholders with clear information regarding their financial activities and governance.

Key Provisions

The bill introduces several significant changes to the reporting framework for small nonprofits, including:

  • Mandatory Reporting: Small nonprofits will be required to submit annual financial reports detailing their income, expenditures, and programmatic activities.
  • Simplified Reporting Process: The bill proposes a streamlined reporting process tailored specifically for small nonprofits, reducing the administrative burden while maintaining essential oversight.
  • Public Disclosure: Reports submitted by small nonprofits will be made publicly accessible, allowing donors, beneficiaries, and the general public to review the financial health and operational practices of these organizations.
  • Compliance Timeline: Nonprofits will need to comply with the new reporting requirements within a specified timeframe, ensuring timely submission of their financial reports.

Who Would Be Affected

The primary entities affected by Bill S 2224 include:

  • Small Nonprofits: Organizations classified as small nonprofits will be directly impacted by the new reporting requirements.
  • Donors and Funders: Increased transparency will benefit individuals and organizations that provide funding to small nonprofits, enabling them to make informed decisions.
  • Regulatory Bodies: State and local agencies responsible for overseeing nonprofit organizations will have enhanced tools for monitoring compliance and ensuring accountability.

Legislative Timeline

The legislative process for Bill S 2224 has progressed as follows:

  • January 16, 2025: Bill introduced and referred to the Committee on Ethics and Internal Governance.
  • May 1, 2025: Bill amended and recommitted to the Committee on Ethics and Internal Governance.
  • May 15, 2025: Advanced to third reading in the Senate.
  • May 28, 2025: Passed in the Senate and delivered to the Assembly, where it was referred to the Committee on Governmental Operations.

Related Bills

Bill S 2224 is related to several prior-session bills, including:

  • A 6943: A related assembly bill from a previous session.
  • S 5499: Another related Senate bill from a prior session.
  • A 8933: A companion bill that may address similar issues or provide additional context to the reporting requirements.

This summary provides an overview of Bill S 2224, highlighting its purpose, key provisions, and the potential impact on small nonprofits and their stakeholders. The bill is currently under consideration in the Assembly following its passage in the Senate.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.