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House Co-Sponsorship Memoranda
House of Representatives
Session of 2015 - 2016
Regular Session
MEMORANDUM
| Posted: | January 8, 2015 02:50 PM |
|---|---|
| From: | Representative Keith J. Greiner |
| To: | All House members |
| Subject: | Solicitation of Funds for Charitable Purposes Auditing Requirements |
| In the near future, I plan on introducing legislation that would amend the auditing requirements under the Solicitation of Funds for Charitable Purposes Act. The bill changes the type of financial examination required for certain charitable organization financial reports. Specifically it requires charities which receive annual contributions of at least $200,000, but less than $300,000 to have a review or audit of their financial statements performed by an independent certified public accountant or public accountant. However, the bill requires charitable organizations that receive annual contributions of at least $50,000, but less than $100,000 to have an internally prepared compilation, review or audit of their financial statements performed by an independent certified public accountant or public accountant. In addition, an internally prepared compilation, audit or review is optional for any charitable organization which receives annual contributions less than $50,000 in contributions. The legislation also exempts organizations, such as fire and ambulance companies from the registration fees, if the volunteers or members of the organizations receive no compensation directly or indirectly. I hope you will join me in supporting this important measure which will maintain a higher level of review for larger charities while easing the small charity audit burden, especially for our first responder organizations. If you have any questions regarding this legislation, please contact Eric Reath at 8-1280. |
Memo Updated: January 8, 2015 02:51 PM