report of every charitable organization which receives annual
contributions of $300,000 or more shall be audited by an
independent certified public accountant or public accountant.
Each charitable organization which receives annual contributions
of at least $200,000, but less than $300,000, shall be required
to have a review or audit of their statements performed by an
independent certified public accountant or public accountant.
Every charitable organization which receives annual
contributions of at least $100,000, but less than [$300,000]
$200,000, shall be required to have a compilation, review or
audit of their financial statements performed by an independent
certified public accountant or public accountant. Every
charitable organization which receives annual contributions of
at least $50,000, but less than $100,000, shall be required to
have [a] an internally prepared compilation, review or audit of
their financial statements performed by an independent certified
public accountant or public accountant. [A] An internally
prepared compilation, audit or review is optional for any
charitable organization which receives annual contributions of
less than $50,000. Audits shall be performed in accordance with
generally accepted auditing standards, including the Statements
on Auditing Standards of the American Institute of Certified
Public Accountants, whereas compilations and reviews shall be
performed in accordance with the Statements on Standards for
Accounting and Review Services of the American Institute of
Certified Public Accountants.
* * *
(p) Annual registration fees.--A charitable organization
which submits a short form registration statement pursuant to
section 7 or receives contributions of [$25,000] $50,000 or less
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