January 15, 2008

By: Rebecca Moll Freed, Esq.

Governor Corzine Signs Bill Exempting Non-Profits from Chapter 271 Annual Disclosure Requirement

Yesterday was supposed to be the day that non-profit organizations receiving aggregate payments of $50,000 or more through government contracts in New Jersey filed their Chapter 271 Annual Disclosure Statements with ELEC for calendar year 2006. Instead, Governor Corzine signed into law S-3025/A-4660, which exempts non-profit entities from the Chapter 271 Annual Disclosure filing requirement. Although this change in law provides relief to non-profit entities that have been grappling with the impact that the annual disclosure requirement would have on their organizations, the Governor's signature does not have any impact on the for profit community.  For profit entities, including for profit subsidiaries of non-profit entities, are still subject to Chapter 271's annual disclosure requirement.  The next Chapter 271 annual disclosure is due on March 30, 2008 and covers calendar year 2007.

Tag: New Jersey