FUND(S):

0155, 1612

Sources of Revenue:

General Fund,Special Fund

Legislation creates:

Neither Program nor Fund



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


    This bill will have no impact on the costs to the state. It will potentially add a small amount of revenue by the requirement to pay a fee to have their organization reinstated in a manner consistent with LLCs and Domestic Corporations. However, the principle of conservatism suggests that these fees are not reliable, as it would be hopeful that all business would perform the necessary requirements to avoid having the organization administratively revoked. Based on historical data, the proposed reinstatement fee could add $12,500 to revenue collections.



Fiscal Note Detail


Effect of Proposal Fiscal Year
2012
Increase/Decrease
(use"-")
2013
Increase/Decrease
(use"-")
Fiscal Year
(Upon Full
Implementation)
1. Estmated Total Cost 0 0 0
Personal Services 0 0 0
Current Expenses 0 0 0
Repairs and Alterations 0 0 0
Assets 0 0 0
Other 0 0 0
2. Estimated Total Revenues 0 12,500 12,500


Explanation of above estimates (including long-range effect):


    Based on historical data, we forecast that there could be as many as 500 foreign/non-profit organizations requesting reinstatement. This fee is proposed to be $25, which is consistent with reinstatement fees assessed to other business types regulated by this office.
    
    There will be no impact on the costs to the state



Memorandum


    We would like to stress that the principle of conservatism suggests that these fees are not reliable, as it would be hopeful that all business would perform the necessary requirements to avoid having the organization administratively revoked. Person submitting Fiscal Note: Brian Messer, CPA
     Email Address: bmesser@wvsos.com