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Reporting Requirements for Nonprofit Corporations (NPCs)
Definition
For purposes of the Utah Accounting Act, a "non-profit corporation" is a chartered and organized legal entity, registered as a non-profit corporation in an applicable jurisdiction, acting as a subrecipient or contractor of the University of Utah.
Summary
As a public institution of higher education, the University of Utah must comply with Utah law governing the use and oversight of state and federal funds. This includes the “Accounting Reports from Political Subdivisions, Interlocal Organizations, and Other Local Entities Act” (Utah Code § 51-2a-101, et. seq.), as amended.
Under this Act, any nonprofit corporation (NPC) that receives State of Utah funds or federal “pass-through” funds must annually disclose to the University whether its revenue or expenditures of such funds in the prior fiscal year - or anticipated in the current fiscal year - fall within one of the following thresholds:
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$25,000 to less than $100,000
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$100,000 to less than $350,000
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$350,000 to less than $1,000,000
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$1,000,000 or more
If a subrecipient or contractor meets or exceeds any of these thresholds, the University is required to report this information to the Utah State Auditor.
All agreements with the University require subrecipients and contractors to acknowledge that they have read and reviewed the Accounting Act and agree, as applicable, to assist the University in meeting its obligations under the Act. This may include registering under Utah Code § 67-1a-15 and filing an annual audit, review, compilation, or fiscal report with the Utah State Auditor.
Related Information
- Utah Code § 51-2a-201.5(5) Accounting reports required
- Utah Code § 53G-5-404 Requirements for charter schools
- Reporting Requirements for Nongovernmental Nonprofit Organizations (NGOs) that Receive Federal Pass-Through, State, or Local Government Money
Related Policies & Procedures
- Confluence > Subrecipient - Risk Assessment & High Risk Rating (OSP staff only)
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