New Jersey (NJ) General Audit Requirements: 

New Jersey (NJ) Registered charities must renew their registration on an annual basis. A charity's renewal registration is due within six (6) months after its fiscal year-end.
  • If your organization raised less than $25,000 in gross contributions or if your organization is a bona fide veterans' organization, Form CRI-200 should be completed, signed and submitted with a copy of the IRS Form 990 for the fiscal year-end being reported (if required by the IRS).
  • If your organization raised more than $25,000 in gross contributions or if it had contracts with a professional fund raiser, the CRI-300R Long Form Renewal Registration must be completed, signed and submitted with a copy of the IRS Form 990 for the fiscal year-end being reported.
  • The annual financial report of every charitable organization that received more than $ 500,000 in gross revenue during its most recently completed fiscal year shall be accompanied by an audited financial statement prepared by a CPA and all management letters prepared by the auditor in connection with the audit commenting on the internal accounting controls or management practices of the charitable organization.                             
* Per the NJ Charitable Registration and Investigation Act the certified audit requirement is based on gross revenues as computed on the CRI-300R.  This is would NOT be equivalent to the total revenue line of Form 990 since the Form 990 total revenue line is already reduced by Fundraising and other expenses.

http://www.njconsumeraffairs.gov/laws/charityregs.pdf

http://www.njconsumeraffairs.gov/adoption/charado_022211.htm

 

NJ Audit Single Audit or Government Auditing Standards Audit Requirements: 

The following State policy regarding audits of recipients is effective for fiscal years ending after December 31, 2003. See our Blogpost for more info.

Single Audit (OMB Circular No. A-133) Requirement:

All State agencies that disburse federal grant, State grant or State aid funds to recipients that expend $500,000 or more in federal financial assistance or State financial assistance within their fiscal year must require these recipients to have annual single audits or program-specific audits performed in accordance with the Act, Amendments, OMB Circular No. A-133 Revised and State policy. It should be noted that the federal government will not pay for a single audit for any recipient that expends less than $500,000 of federal funds.

Government Auditing Standards Audit Requirement

All State agencies that disburse federal grant, State grant or State aid funds to recipients that expend less than $500,000 in federal or State financial assistance within their fiscal year, but expend $100,000 or more in State and/or federal financial assistance within their fiscal year, must require these recipients to have either a financial statement audit performed in accordance with Government Auditing Standards (Yellow Book) or a program-specific audit performed in accordance with the Act, Amendments, OMB Circular No. A-133 Revised and State policy.