Secretary of State Announces New Threshold for Financial Reviews and Audits

Published on: 11/04/2016 By: Gorfine, Schiller & Gardyn

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.

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