New Jersey (NJ) General Audit Requirements:
- 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.
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.