Required exam: YesStatus and description: Revision Code § 434-120-107 | A not-for-profit organization with gross annual revenues of more than $3 million in the previous three fiscal years must file audited financial statements prepared by an independent CPA. NOTE: Disclosure requirement: A not-for-profit organization with gross annual revenues of less than $3 million and more than $1 million on average for the previous three fiscal years must disclose to the public either an audited financial report prepared by an independent CPA or a federal financial report form (e.g., IRS Form 990) prepared by an independent CPA. Click on a state on the map below to find a link to applicable state laws that govern exam requirements (if any) for nonprofits in that state. In some cases, we provide links to the language of state laws that require other reports to be filed with the state, such as an „annual financial report.” Keep in mind that if your nonprofit is registering for a charity in a state other than their own, you should review the audit requirements in that other state. A publicly traded company is a publicly traded company organized in order to be able to sell ownership shares. In the United States, publicly traded companies must file an annual Schedule 10-K with the U.S. Securities and Exchange Commission. The 10-K gives investors and regulators an overview of the past year and outlines the company`s financial position and long-term prospects. One of the elements required to complete the 10-K is the preparation of audited financial statements. The objective of the audited financial reporting obligation is to ensure that the public can be fully assured that the information disclosed by the public undertaking is accurate. This is crucial, otherwise the public will not be able to verify the information. Public companies are also required to file quarterly or 10-Q reports, but this form does not require audited financial statements. Required exam: YesStatus and description: Haw.
Rev. § 174: 467B-6.5(b) | A not-for-profit organization that is required to obtain an audit report from a government agency or third party must file audited financial statements prepared by an independent CPA and pay a filing fee. John Cromwell specializes in financial, legal and small business matters. Cromwell holds bachelor`s and master`s degrees in accounting and a Juris Doctor. He is currently co-founder of two companies. Thanks to our many years of experience in dealing with audit firms and our methodical knowledge of recommendations to auditors, we are happy to advise you on the correct mapping of disputed transactions in accounting. The deadline for filing the tax audit report is 30 September of the tax year. Required examination: YesStatus and description: Mass. Gen. Lois ch.
12, § 8F | A public charity with gross annual support and revenues in excess of $200,000 must file audited financial statements prepared by an independent CPA with its annual report. BUT, a public charity whose gross annual support and revenues do not exceed $500,000 can file a financial report with an independent auditor instead of an independent audit. If a person fails to check his books, he will be liable to a penalty of 0.5% of the total turnover, turnover or gross receipt, or Rs 1,50,000, whichever is lower, except for a reasonable reason. Not all not-for-profit organizations are required to conduct an independent audit. Circumstances that may trigger the requirement for independent verification include: Required verification: YesStatus and description: N.H. Rev. Stat. § 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: YesStatus and description: N.Y.
Law 7A § 172-b | A not-for-profit organization with gross annual revenues in excess of $750,000 must file audited financial statements prepared by an independent CPA. Starting in 2021, the threshold will be raised to $1 million. A not-for-profit organization with gross annual revenues of less than $250,000 must file financial statements, but these do not need to be audited by an independent CPA. Organizations with gross annual revenues between $250,000 and $500,000 must file audited financial statements. Any charity that uses a professional lawyer in its fundraising functions must file audited financial statements prepared by an independent CPA. Required exam: YesStatus 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. Required exam: YesStatus and description: Ga. Code Ann. § 43-17-5(b)(4) | A not-for-profit organization whose contributions exceeded $1 million in one of its previous two years must file audited financial statements prepared by an independent CPA. A not-for-profit organization whose contributions were less than $1 million and more than $500,000 in one of its previous two years must have its financial statements audited by an independent CPA.