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No, as a private non-profit, the entity does not meet the definition of a local depositing authority under R.S.39:1211 nor of a state depositing authority under R.S. 49:319. Refer to AG Op. No. 13-0190. Note that the AG suggests that, although a private entity is not subject to the banking requirement for public entities, the private entity should consider spreading its deposits of public funds over multiple insured banks and using the Certificate of Deposit Account Registry Service in order to maximize FDIC coverage of the public funds.
Because of the receipt of public funds, the entity would be subject to Audit as a Quasi-Public entity, and all documents concerning the receipt and expenditure of the public funds would be subject to the Public Records Law
Louisiana Legislative Auditor website: 04/10/2026 07:20:10 AM
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