Memo: Raise Audit Requirements for Charities' Financial Reports
A Pennsylvania state senator wants to increase the audit requirements for financial reports for charitable organizations.
September 22, 2017 at 10:44 AM
2 minute read
A Pennsylvania state senator wants to increase the audit requirements for financial reports for charitable organizations.
Sen. Patrick M. Browne, R-Lehigh, said in a memorandum that his proposed legislation would increase the annual contribution threshold from the current level of $300,000 to $500,000 for all charitable organizations and require an audit by an independent certified public accountant or public accountant.
Charitable organizations that receive annual contributions between $250,000 and $500,000 would be required to undergo a review or audit of their financial statements by an independent CPA or public accountant and organizations with annual contributions of at least $100,000, but less than $250,000, would be required to have a compilation, review or audit of their financial statements, the memo said. A compilation, audit or review would be optional for any charitable organization with annual contributions under $100,000, according to the memo.
A Pennsylvania state senator wants to increase the audit requirements for financial reports for charitable organizations.
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