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A report by an independent auditor, attesting to the fairness of presentation of the
financial statements and related disclosures.
Definition - Reviewed Financial Statements
A more limited report that verifies that there are no material modifications that need to be
made to an entity’s financial statements for them to be in conformity with the application
reporting framework.
Twenty-four jurisdictions require audited financial statements to be included with charitable
registration applications. However, only organizations that exceed the jurisdiction’s revenue or
contributions threshold need to provide the audit. Still, other jurisdictions provide more
flexible requirements, for instance:
Alaska requires audits only upon request
Florida, North Carolina, and Virginia all allow the IRS Form 990 to take the place of the audit
Illinois and Maryland have set audit thresholds, but they can be changed if the applicant
meets certain criteria. Illinois lowers the audit threshold for organizations using
professional fundraisers.
Maryland also lowers the audit threshold for private foundations associated with any
Maryland jurisdiction agency.
Along with the audit requirements, nine jurisdictions may also request reviewed financial
statements, usually at a lower threshold than the audit. Reviewed financial statements are
easier and less costly than audits to obtain, but they are no less important in terms of
getting a registration approved.
Government grants do not count as gross revenue in this instance. California also requires charities with greater than $2 million in revenue to establish an audit committee.
Organizations with total revenues of $500,000 to $1,000,000 must submit a GAAP financial statement prepared by the organization in-house or prepared by an accountant and reviewed and approved by the organization.
Required for CHAR500 renewal filings only. If the organization is registered under 7A and raised less than $25,000 in NYS during a particular tax year, it may not be required to file financial statements of any kind.
Organizations have the option to submit either Form 990 or audited financial statements with their annual Form 102 registration materials. If the organization files Form 990-N, it must submit a Certified Treasurer's Report (signed internal statements) from the previous tax year.
Filing fees depend on your individual situation. We do our best to calculate your filing fees
upfront and collect those fees today so we can get started. Your specialist will determine your
exact filing fees and invoice additional fees if required.
When processing government applications or disbursing filing fees, we may add an order processing fee to cover our administrative expenses.
