What are the new PA audit requirement thresholds?
The new thresholds are:
Gross Contributions |
Type of Financial Statements Required |
Below $100,000 |
Optional |
$100,000 to $249,999 |
Compiled, Reviewed, or Audited |
$250,000 to $749,999 |
Reviewed or audited |
$750,000 or more |
Audited |
When will the new thresholds be effective?
The new thresholds will be effective for nonprofits with fiscal year ends of 3/31/17 and later.
What is considered a gross contribution?
- Gross receipts from fundraising events
- Federated campaign contributions
- Contribution portion of membership dues
- Gross receipts from gaming activities
- Donations from related organizations
- General contributions
What is excluded from gross contribution?
- Government grants or contracts
- Program service fees
- Value of donated services