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A private non-profit corporation is not defined as a “local depository" pursuant to R.S. 39:1211, et seq. Therefore, they are not subject to the local depository law. The law applies to parishes, municipalities, boards, commissions, sheriffs and tax collectors, judges, clerks of court, and any other public bodies or officers of any parish, municipality or township.
The organization would need to discuss with its legal counsel as to what methods are appropriate for the collateralization of its funds.
The Attorney General in AG Op. No. 13-0190 recommended to the Louisiana Quarter Horse Breeders Association, as a non-profit corporation in receipt and control of public funds, that it spread its deposits of public funds over multiple banks and to use Certificate of Deposit Account Registry Service (CDARS) in order to maximize its FDIC coverage.
Louisiana Legislative Auditor website: 06/04/2026 11:29:38 AM
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