NYS Audit Requirements
The "Non-Profit Revitalization Act of 2013" which has passed in the NYS Senate and Assembly willraise the gross revenue thresholds triggering the requirement to obtain an independent CPA's audit from $250,000 to $500,000 for and an independent CPA's review from $100,000 to $250,000 starting for fiscal years ending on or after July 1st of2014. The gross revenue threshold for an independent CPA's audit will escalate to $750,000 on July 1, 2017 and $1 million on July 1, 2021.The Attorney General will have authority to request an independent CPA's audit from nonprofits with gross revenue over $250,000 after reviewing their annual filings. The audit requirement will escalate but the review requirement will stay fixed on $250K. Also, the pending law uses gross revenues to calculate the threshold, which would most likely mean revenues will be calculated without reducing for special events expenses, cost of goods sold and other items.