This bill amends the audit requirements for consumers' cooperative associations by increasing the financial thresholds that determine the type of audit or review required. Specifically, the bill raises the threshold for an annual business amount from less than $100,000 to less than $1,000,000, allowing associations within this range to conduct audits through a committee of three elected members instead of requiring a qualified independent accountant. Additionally, the upper threshold for mandatory audits is increased from $250,000 to $2,000,000, with associations exceeding this amount still required to have their books audited by independent accountants.

The changes in the bill are reflected in the amended language of RSA 301-A:30, where the previous thresholds are deleted and replaced with the new figures. The bill also mandates that a full report of the audit, including details on business transactions with members and nonmembers, as well as financial statements, be presented at the annual meeting of the association. The act is set to take effect 60 days after its passage, with an approval date of July 15, 2025, and an effective date of September 13, 2025.

Statutes affected:
Introduced: 301-A:30
Version adopted by both bodies: 301-A:30
CHAPTERED FINAL VERSION: 301-A:30