CORPORATE TRANSACTIONS & COMPLIANCE BLOG

New York Audit Threshold Increasing for Registered Charities

By: Ron Barrett, COGENCY GLOBAL on Thu, Jun 17, 2021

New York Audit Threshold Increasing for Registered Charities_209705645New York’s Executive Law requires most organizations that solicit charitable contributions in New York to register with the Attorney General’s Charities Bureau. Charities and other organizations required to register and whose revenues exceed thresholds established by the Nonprofit Revitalization Act of 2013 (“NPRA”) are required to submit audited financial statements in conformity with generally accepted accounting principles, including compliance with all pronouncements of the financial accounting standards board and the American Institute of Certified Public Accountants. The audit must be submitted to the Charities Bureau with New York’s Annual Filing for Charitable Organizations (Form CHAR500).

Over a period of seven years, from 07/01/2014 to 07/01/2021, the NPRA raised the revenue thresholds that trigger the audit requirement as follows:

 

Annual reports with an original or extended due date between

Audited financial statements by an independent CPA required if revenue exceeds

CPA review if between

07/01/2014 to 06/30/2017

$500,000

$250,000 and $500,000

07/01/2017 to 06/30/2021

$750,000

$250,000 and $750,000

On or after 07/01/2021

$1,000,000

$250,000 and $1,000,000

Effective 07/01/2021, the audit threshold in New York is increasing to $1,000,000. For additional information see Guidance on Audit Thresholds and Fees.

 

This content is provided for informational purposes only and should not be considered, or relied upon, as legal advice.

Topics: Nonprofit Registration and Compliance