Effective July 1, 2014

The thresholds for filing certain financial reports with the New York State Attorney General are as follows:

Total Annual Gross Revenue & Support	Report Required
$500,000+ (*)	Independent Cpas Audit
$250,000 To $500,000 (**)	CPA Review Report
Up To $250,000	No Audit or Review is Required

* the audit threshold will be raised to $750,000 as of July 1, 2017 and to $1 million as of July 1, 2021.
** the review threshold will be $250,000 to $750,000 as of July 1, 2017 and $750,000 to $1 million as of July 1, 2021.

 

The threshold for filing financials audited by a CPA is $500,000 of “gross revenues and support.”

The range for filing a CPA’s “review report” is $250,0000-$500,000 of “gross revenue and support.”

Organizations having “gross revenue and support” not in excess of $250,000 will not need to retain a CPA.

The New York State Attorney General’s Charities Bureau has more here.

 

Nonprofit Coordinating Committee of New York, Inc. www.npccny.org, April 2015

 

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