Financial statements for members
- Statute:
- South Carolina §33-31-1620 · Chapter NP (South Carolina Nonprofit Corporation Act (S.C. Code Title 33 Ch. 31))
- Topic:
- Records & Disclosure · Annual financials
- Applies to:
- Nonprofit associations
A corporation, on written demand from a member, shall furnish the latest annual financial statements, which may be consolidated or combined, including a balance sheet as of the end of the fiscal year and a statement of operations for that year. If they are reported on by a public accountant, that report must accompany them.
📄 Read the official text at scstatehouse.gov →
How SoShiny helps with Financial statements for members
SoShiny gives every owner instant, permissioned access to the official records this statute requires — searchable, audit-logged, and exportable for state inspections. The records survive every board turnover because they live in one place, not in someone's inbox.
See the feature → Start freeFrequently asked
- What does South Carolina §33-31-1620 require?
- A corporation, on written demand from a member, shall furnish the latest annual financial statements, which may be consolidated or combined, including a balance sheet as of the end of the fiscal year and a statement of operations for that year. If they are reported on by a public accountant, that report must accompany them.
- Who does South Carolina §33-31-1620 apply to?
- South Carolina §33-31-1620 applies to Nonprofit associations in South Carolina.
- What happens if our nonprofit corporation doesn't comply with §33-31-1620?
- Non-compliance can expose the association and individual directors to disputes in the governing forum for South Carolina community associations. SoShiny's audit trail and documented workflows are designed to demonstrate good-faith compliance.
- Where can I read the official text of South Carolina §33-31-1620?
- The official text is published by the South Carolina General Assembly at scstatehouse.gov. The summary on this page is for plain-English reference only and is not legal advice.
- How does SoShiny help with Financial statements for members?
- SoShiny gives every owner instant, permissioned access to the official records this statute requires — searchable, audit-logged, and exportable for state inspections. The records survive every board turnover because they live in one place, not in someone's inbox. Learn more →
Not legal advice. This page is a plain-English summary of South Carolina §33-31-1620 prepared by SoShiny for board members and managers. For binding legal advice or interpretation, consult a South Carolina-licensed attorney. For the official statutory text, see the link above.
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