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09/21/2019 01:29 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20170&cosponId=23704
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House of Representatives
Session of 2017 - 2018 Regular Session

MEMORANDUM

Posted: April 21, 2017 10:29 AM
From: Representative Keith J. Greiner
To: All House members
Subject: BCO Changes – Single Audit Threshold Alignment
 
In the near future, I plan to introduce legislation to amend the Solicitation of Funds for Charitable Purposes (SFCP) Act to align the audit requirements for financial reports with federal law.

Specifically, my legislation will require every charitable organization which receives annual contributions of $750,000 or more to be audited by an independent certified public accountant or public accountant. Charitable organization which receive annual contributions of at least $250,000, but less than $750,000, will be required to have a review or audit of their financial statements performed by an independent certified public accountant or public accountant. Charitable organization which receive annual contributions of at least $100,000, but less than $250,000, shall be required to have a compilation, review or audit of their financial statements performed by an independent certified public accountant or public accountant. A compilation, audit or review will be optional for any charitable organization which receives annual contributions of less than $100,000.

These updates will provide nonprofit organizations a clear financial reporting standard that is aligned with federal requirements. I hope you will join me in sponsoring this important legislation. If you have any questions, please contact Tierna at ttuckey@pahousegop.com or 3-6422.



Introduced as HB1420