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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | November 1, 2023 04:25 PM |
|---|---|
| From: | Representative Abigail Salisbury and Rep. Keith J. Greiner |
| To: | All House members |
| Subject: | Bureau of Charitable Organizations (BCO) Changes – Single Audit Threshold Alignment |
| 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. I hope you will join us in co-sponsoring this important legislation. |
Introduced as HB1824