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06/17/2024 09:48 AM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20170&cosponId=24558
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Senate Co-Sponsorship Memoranda

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Senate of Pennsylvania
Session of 2017 - 2018 Regular Session

MEMORANDUM

Posted: September 14, 2017 02:39 PM
From: Senator Patrick M. Browne
To: All Senate members
Subject: Charitable Organizations - Audit Threshold Requirements
 
I plan to introduce legislation to amend the Solicitation of Funds for Charitable Purposes (SFCP) Act to increase the audit requirements for financial reports for charitable organizations.

This legislation will increase the annual contribution threshold from the current level of $300,000 to $500,000 for every charitable organization and require an audit by an independent certified public accountant or public accountant. Charitable organizations which receive annual contributions of at least $250,000, but less than $500,000 will be required to have a review or audit of their financial statements performed by an independent certified public accountant or public accountant. Charitable organizations 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 received annual contributions of less than $100,000.

Please join me in co-sponsoring this legislation.



Introduced as SB946