Monday, January 29, 2018
Governor Wolf has signed two bills that raise the thresholds for an audit, review, or compilation of the financial statements that nonprofits are required to submit annually to Pennsylvania's Bureau of Corporations and Charitable Organizations. The threshold for a full audit ($750,000 or more in revenues) now aligns with the threshold for audits of federal awards under the OMB Uniform Guidance and lessens the audit burden for certain nonprofit organizations.