Requirement For Audit Nj Libraries
The federal Government prescribes that nonprofit organizations spending $500,000 or more in federal contract dollars in any given fiscal year must obtain ‘single audit’ report to ensure that it complies with federal grants management procedures. (For more details on this, refer – )The federal laws do not prescribe any other across-the-board guidelines for audit of nonprofit organizations but many a states have set up rules governing the audit of nonprofits. Whether or not a nonprofit organization needs to get its book of accounts audited depends upon the applicable state statute on solicitation of funds for charitable purposes.Some states statues remain silent on the issue while others have generally prescribed the limit on gross revenue or contributions received beyond which a nonprofit organization would require to get its books audited or only ‘reviewed’ by a CPA or CPA firm.The state wise requirements are mentioned below.
Requirement For Audit Nj Libraries List
U.S.A StateAudit requirementAlabamaAlaskaArizonaArkansasIf gross revenue USD500,000, audit report from a CPA is required.Government grants and fees are excluded from gross revenue calculated for this purpose.CaliforniaIf gross revenue = $2,000,000, audit by an independent CPA is required.