As of July 1, 2021, the threshold triggering the requirement for an audit in NYS increased from $750,000 to more than $1 million of gross annual revenue and support.
Nonprofits that conduct business and/ or raise funds in NY State are required to file an annual financial report with the Charities Bureau of the NY State Attorney General. The type and extent of financial reporting that must be provided to the Charities Bureau depends on the gross annual revenue and support received in the preceding year (this includes monies received as a result of contributions, grants, fees and other sources of revenue).
Organizations with gross annual revenue and support under $250,000 must still file an unaudited financial report with the Charities Bureau; and those with revenue and support over $250,000 but not more than $1 million must still file an annual financial statement with an independent CPA’s review report. Here is a chart that summarizes the current requirements:
| Gross Annual Revenue and Support | Required Filing |
| Less than $250,000 | Unaudited Financial Report |
| More than $250,000 but not more than $1 million | Financial report with independent CPA’s review report |
| In excess of $1 million | Financial report with CPA audited financial statement |
For more information, visit https://www.charitiesnys.com/pdfs/sympguidance.pdf and refer to Section III, page 8 (page 34).
The above summary is provided courtesy of Pro Bono Partnership.
