Secretary of State Announces New Threshold for Financial Reviews and Audits

Effective October 1, 2016, organizations that receive at least $300,000 but less than $750,000 in charitable contributions must submit a financial review with their registration. Organizations that receive at least $750,000 in charitable contributions must submit an audit with their registration. The old levels were $200,000 for a financial review and $500,000 for an audit.

http://sos.maryland.gov/Charity/Pages/default.aspx

If you have any questions regarding these requirements and how they apply to your organization please contact our office.