Section 57-22-8 - Disclosure of fundraising costs.

NM Stat § 57-22-8 (2019) (N/A)

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A. All charitable organizations subject to the Charitable Solicitations Act shall disclose upon request the percentage of the funds solicited that are spent on the costs of fundraising. For purposes of this section, costs of fundraising shall include all money directly expended on fundraising and that portion of all administrative expenses and salaries of the charitable organization attributable to fundraising activities.

B. Whenever a solicitation on behalf of a charitable organization subject to the Charitable Solicitations Act is undertaken by a professional fundraiser, the professional fundraiser shall disclose that fact to prospective contributors.

History: Laws 1983, ch. 140, § 8; 1999, ch. 124, § 8.

The 1999 amendment, effective July 1, 1999, deleted "Organizations and" preceding "Solicitations Act" in Subsections A and B; in Subsection B, deleted the final sentence, which read: "For purposes of this section, a professional fundraiser shall mean any individual, corporation, association or other enitity employed or retained or otherwise compensated by or on behalf of a charitable organization to solicit funds"; and made stylistic changes throughout the section.

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