Bureau of Charitable Organizations (BCO) Changes – Single Audit Threshold Alignment
February 4, 2025 04:02 PM to All House Members
Circulated By
Representative Abigail Salisbury
D House District 34
Along With
Rep. Keith Greiner
R House District 43
Memo
In the near future, we plan to introduce legislation to amend the Solicitation of Funds for Charitable Purposes (SFCP) Act to raise the thresholds for an audit, review or compilation of the financial reports required to be submitted by charitable organizations that are registered under the Charities Act. The thresholds were last increased in 2017.
Specifically, our legislation will require every charitable organization which receives annual contributions of $1 million or more to be audited by an independent certified public accountant.
Charitable organizations which receive annual contributions of at least $500,000, but less than $1 million, will be required to have a review or audit of their financial statements performed by an independent certified public accountant.
Charitable organizations which receive annual contributions of at least $150,000, but less than $500,000, shall be required to have a compilation, review or audit of their financial statements performed by an independent certified public accountant.
A compilation, audit or review will be optional for any charitable organization which receives annual contributions of less than $150,000.
These updates will provide nonprofit organizations with a clear financial reporting standard that is aligned with federal requirements. We hope you will join us in co-sponsoring this important legislation.
Specifically, our legislation will require every charitable organization which receives annual contributions of $1 million or more to be audited by an independent certified public accountant.
Charitable organizations which receive annual contributions of at least $500,000, but less than $1 million, will be required to have a review or audit of their financial statements performed by an independent certified public accountant.
Charitable organizations which receive annual contributions of at least $150,000, but less than $500,000, shall be required to have a compilation, review or audit of their financial statements performed by an independent certified public accountant.
A compilation, audit or review will be optional for any charitable organization which receives annual contributions of less than $150,000.
These updates will provide nonprofit organizations with a clear financial reporting standard that is aligned with federal requirements. We hope you will join us in co-sponsoring this important legislation.
Legislation
Document - Introduced as HB 965
Last updated on February 4, 2025 04:03 PM
Bureau of Charitable Organizations (BCO) Changes – Single Audit Threshold Alignment
February 4, 2025 04:02 PM to All House Members
Circulated By
SALISBURY and GREINER
Memo
In the near future, we plan to introduce legislation to amend the Solicitation of Funds for Charitable Purposes (SFCP) Act to raise the thresholds for an audit, review or compilation of the financial reports required to be submitted by charitable organizations that are registered under the Charities Act. The thresholds were last increased in 2017.
Specifically, our legislation will require every charitable organization which receives annual contributions of $1 million or more to be audited by an independent certified public accountant.
Charitable organizations which receive annual contributions of at least $500,000, but less than $1 million, will be required to have a review or audit of their financial statements performed by an independent certified public accountant.
Charitable organizations which receive annual contributions of at least $150,000, but less than $500,000, shall be required to have a compilation, review or audit of their financial statements performed by an independent certified public accountant.
A compilation, audit or review will be optional for any charitable organization which receives annual contributions of less than $150,000.
These updates will provide nonprofit organizations with a clear financial reporting standard that is aligned with federal requirements. We hope you will join us in co-sponsoring this important legislation.
Specifically, our legislation will require every charitable organization which receives annual contributions of $1 million or more to be audited by an independent certified public accountant.
Charitable organizations which receive annual contributions of at least $500,000, but less than $1 million, will be required to have a review or audit of their financial statements performed by an independent certified public accountant.
Charitable organizations which receive annual contributions of at least $150,000, but less than $500,000, shall be required to have a compilation, review or audit of their financial statements performed by an independent certified public accountant.
A compilation, audit or review will be optional for any charitable organization which receives annual contributions of less than $150,000.
These updates will provide nonprofit organizations with a clear financial reporting standard that is aligned with federal requirements. We hope you will join us in co-sponsoring this important legislation.
Document
Introduced as HB 965
Last Updated
February 4, 2025 04:03 PM
Generated 05/20/2025 02:44 AM