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Laws and Regulations - Section APP.D 2. County Donations to Nonprofit Organizations Section 5-9-109, Tennessee Code Annotated, authorizes a county’s governing body to appropriate funds for the financial aid of any nonprofit charitable organization any chamber of commerce, exempt from taxation pursuant to the Internal Revenue Code of 1954, Section 501 (c) (6), as amended, or any nonprofit civic organization under guidelines required by subsection (b) of this statute. The auditor should consider the following items when determining whether a county has complied with this law. 1. A county may appropriate funds for only those nonprofit charitable organizations that provide promotes the general welfare of the residents of the county, or any nonprofit civic organization classified under Section 501(c)(4) or (c)(6) of the Internal Revenue Code working for the purpose of bringing about civic betterments, and social improvement through efforts to maintain and increase employment opportunities in the county. 2. The legislative body is required at a minimum to have a separate section of the appropriating resolution of the budget document which shall include the following: (1) the name of each nonprofit organization, (2) the specific amount appropriated to that organization. 3. The county shall devise guidelines directing for what purposes the appropriated money may be spent. 4. The payments to these organizations shall not exceed the amount appropriated to each organization. 5. Each organization receiving financial assistance shall file a copy of the annual audit or in lieu of an audit report an annual report of its business affairs and transactions. 6. For appropriations to nonprofit civic organizations, notices shall be published in a newspaper of general circulation in the county of the intent to make an appropriation, specifying the intended amount and purpose. APP.D-7
Laws and Regulations - Section APP.D 3. State Funding Board's Guidelines on Interest Rate and Forward Purchase Agreements As directed by TCA 9-21-130, the revised Guidelines are effective November 1, 2009. Summary of Guidelines • Require adoption of debt management and derivative policies • Require financial statements with a clean audit opinion • Require independence of advisors and counsel • Require avoidance of conflicts among third party professionals involved in the transactions • Specify staff and required knowledge • Impose ongoing reporting for Interest Rate and Forward Purchase Agreement transactions Additional information regarding these Guidelines can be found on the web at: http://www.comptroller.tn.gov/sl/lfstfundbd.asp . APP.D-8
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SPECIAL PURPOSE GOVERNMENTS (INCLUD
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Trust Funds - Procedures IJ-5 Resid
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PREFACE This audit manual supersede
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Introduction This manual sets forth
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(9) Establish minimum standards for
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Section 9-3-213, Tennessee Code Ann
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SECTION A GENERAL INFORMATION Compt
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Auditing Standards and Requirements
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Reporting and Auditing Requirements
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