Required Exam: YesStatus and Description: Virginia Code § 58.1-609.11(C)(4) | A not-for-profit organization with gross annual revenues of $1 million or more may be required to submit audited financial statements prepared by an independent CPA. A not-for-profit organization with gross annual revenues of less than $1 million and at least $750,000 must submit a financial review by an independent CPA. Organizations must now register electronically with MV-COROS and submit reports. The e-filing system allows charities to meet all registration and registration requirements, including completing the electronic registration form, uploading documents, submitting annual returns, and receiving instant acknowledgement. Massachusetts: An audit is required if annual gross support and revenues exceed $500,000. If annual support and revenues are below these thresholds, the financial statements must be audited or audited by an independent CPA. 990-PF candidates are exempt from the verification requirement. The annual financial report requires the certified filing of financial information for the relevant taxation year on the “Financial Statements” page of the electronic recording system and the upload of complete and accurate electronic copies of the organization`s tax form for that year and, if applicable, an audit. Oregon: Oregon requests a copy of an audit if one has been prepared. See the question on professional fundraising in the Charities FAQ for information on professional fundraisers and registration requirements. Required exam: YesStatutes and description: 225 Fig. Comp. Stat.
§ 460/4 | A not-for-profit organization with annual contributions greater than $300,000 must file audited financial statements prepared by an independent CPA. A not-for-profit organization with contributions of less than $300,000 and more than $25,000 is only required to file audited financial statements prepared by an independent CPA if a professional lawyer is raising funds. Required exam: YesStatutes and description: N.H. Rev. Stat. Ann. § 7:28(III-b) | A not-for-profit organization whose revenues, profits and other support of $1 million or more must file audited financial statements prepared by an independent CPA. Not-for-profit organizations receiving support of $500,000 or more must “file the organization`s most recent financial report prepared in accordance with generally accepted accounting principles.” Note: If compliance is a financial burden, not-for-profit organizations may apply for an exemption which, if granted, is valid for 3 years. Required exam: YesStatutes and description: Miss. Code Ann. § 79-11-507 | A not-for-profit organization whose annual contributions are between $250,000 and $500,000, if all calls and fundraising activities are conducted exclusively by volunteers, must file a financial report audited or audited by an independent CPA with the non-profit registration statement required by section 79-11-503.
The Secretary of State may require audited financial statements prepared by an independent CPA if the organization`s annual revenues are at least $25,000. NOTE: Any not-for-profit organization that uses a professional lawyer for its fundraising functions must file audited financial statements prepared by an independent CPA. Michigan: An audit is required if annual contributions (excluding government grants) are $525,000 or more. If annual dues range from $525,000 to $275,000, the financial statements must be audited or audited by an independent CPA. If a member requests copies of the financial statements and the corporation has had its financial statements audited by a CPA, the corporation must provide both the CPA`s report and the financial statements to the member. Code § 23-17-27-6 Examination required: YesStatutes and description: FL Ch. 496 407 requires audits for not-for-profit organizations as follows: Independent verification is required for those receiving annual contributions of $1 million or more; For individuals with annual contributions of at least $500,000 but less than $1 million, the financial statements may be reviewed or audited by an independent CPA, and for those with annual contributions of less than $500,000, compiling, auditing or reviewing financial statements is optional. Florida: Verification required if annual contributions exceed $1,000,000. If contributions are between $500,000 and $1,000,000, the financial statements must be reviewed or audited by a CPA.
If annual contributions are less than $500,000, the organization will require an audit, review or compilation. Disclaimer: The National Council of Non-Profit Organizations does not practise as a lawyer and this table does not constitute legal advice. We encourage you to consult legal, tax or other professional advisors who can advise you on the individual situation of your non-profit organization. (For more information on specific terms, hover over the blue “i” icon.) Audit Requirements: Indiana Code § 5-11-1-9 requires an “audit” (similar to an audit) by the State Board of Accounts when the nonprofit meets the threshold for disbursements of public funds. (See Guidelines for Auditing Companies Receiving Financial Support from Government Sources for Private Auditor Audits.) Required exam: YesStatus and description: Alaska Admin. Code 2.45.010 requires not-for-profit organizations that receive government funding and spend a cumulative total of $750,000 or more during the company`s fiscal year to file an annual individual audit. Nonprofits that receive money from the State of Alaska and do not meet the requirements below 2 AAC 45,010 must file an independent audit every two years. 7AAFC 78,230.
See Audit Guide and Compliance Addendum for Individual Government Audits. Audit Required: YesStatus and Description: A nonprofit organization must be licensed in Maine. Licence applications do not require audited annual accounts. However, the licence must be renewed annually. Ann. 9 § 5004(4)(C-D) A not-for-profit corporation is required to file audited financial statements only if it already has one at the time of renewal or applies for renewal after the expiry date.