This bill amends the annual 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 when an association can conduct a committee review from less than $100,000 to less than $500,000 in annual business. Additionally, it modifies the ranges for mandatory audits or reviews: associations with annual business between $500,000 and $2,000,000 must have their books audited or reviewed, while those with annual business exceeding $2,000,000 are required to undergo a full audit.

The changes in the bill are reflected in the amended language of RSA 301-A:30, where the previous thresholds of $100,000 and $250,000 have been replaced with new thresholds of $500,000 and $2,000,000, respectively. The bill also stipulates that a full report of the audit must be presented at the annual meeting, detailing transactions with members and nonmembers, as well as the association's financial status. The act is set to take effect 60 days after its passage.

Statutes affected:
Introduced: 301-A:30