Title: S.L. 1987-383
Category: Session Law

GENERAL ASSEMBLY OF NORTH CAROLINA
1987 SESSION

CHAPTER 383
HOUSE BILL 724

AN ACT TO AUTHORIZE ESTABLISHMENT OF COMMUNITY COLLEGE SYSTEM FOUNDATIONS.

The General Assembly of North Carolina enacts:

Section 1.  Chapter 115D is amended by adding a new section as follows:
"§ 115D-7.  Establishment of private, nonprofit corporations.–The State Board of Community Colleges shall encourage the establishment of private, nonprofit corporations to support the community college system.  The President of the Department of Community Colleges with the approval of the State Board of Community Colleges, may assign employees to assist with the establishment and operation of such nonprofit corporation and may make available to the corporation office space, equipment, supplies and other related resources; provided, the sole purpose of the corporation is to support the community college system.
The board of directors of each private, nonprofit corporation shall secure and pay for the services of the State Auditor's Office or employ a certified public accountant to conduct an audit of the financial accounts of the corporation.  The board of directors shall transmit to the State Board of Community Colleges a copy of the annual financial audit report of the private nonprofit corporation."
Sec. 2.  G.S. 115D-20 is amended by adding a new subdivision to read:
"(9)	To encourage the establishment of private, nonprofit corporations to support the institution.  The president, with approval of the board of trustees, may assign employees to assist with the establishment and operation of such corporation and may make available to the corporation office space, equipment, supplies and other related resources; provided, the sole purpose of the corporation is to support the institution.  The board of directors of each private, nonprofit corporation shall secure and pay for the services of the State Auditor's Office or employ a certified public accountant to conduct an annual audit of the financial accounts of the corporation.  The board of directors shall transmit to the board of trustees a copy of the annual financial audit report of the private nonprofit corporation."
Sec. 3.  This act is effective upon ratification.
In the General Assembly read three times and ratified this the 16th day of June, 1987.

Page 	S.L. 1987-383	House  Bill 724

House  Bill 724	S.L. 1987-383	Page