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May 01, 2014

Revenue Thresholds for Audit Requirements Increasing for Not-For-Profits

Featuring Adam Reiss

In the New York State Nonprofit Revitalization Act, one of the most important provisions that reduces the burden on not-for-profits is the re-evaluation of revenue thresholds required to trigger an independent certified public accountant’s audit or review report attached to the annual charities registration filing.  The thresholds for requiring an audit of the financial statements will be increased to $1 million from $250,000 over the course of the next seven years. This will result in significant savings for not-for-profit organizations. 

Recently, the New York State Office of the Attorney General clarified the annual financial reporting date of when the new requirements go into effect.  A not-for-profit with a fiscal year end of August 31, 2013 or later that extends their return until after July 1, 2014, may use the new thresholds for annual financial reporting .

For more information read the “Additional Guidance and Publications from the Charities Bureau” section here.  If you have further questions, contact Adam Reiss, CPA and Not-for-Profit Practice Leader, at (212) 697-1000, or your Citrin Cooperman tax advisor.