Does a nonprofit (not for profit) organization need to have an independent review and/or audit of its financial statements?

Academix
0 Votes
228 Views
Follow
2 Followers
Sep 20, 2012 by Academix
Category: Accounting

Tags:
File Your Taxes Online
0 Votes
Advisor: File Your Taxes Online, Tax Planning
Jan 8, 2013  
Nonprofit (not for profit) requirements vary considerably from state to state. In California, if gross receipts are in excess of $2 million, nonprofit organization must perform financial audit. Also, the federal government requires any organization receiving federal awards of more than $500,000 in a year to undergo a financial statement audit.