Financial Filing Threshold for New York State
Effective July 1, 2014, the thresholds for filing certain financial reports with the New York State Attorney General are as follows:
|total annual gross revenue & support||report required|
|$500,000+ (*)||Independent CPAs Audit|
|$250,000 to $500,000 (**)||CPA Review Report|
|up to $250,000||no Audit or Review is required|
* the audit threshold will be raised to $750,000 as of July 1, 2017 and to $1 million as of July 1, 2021.
** the review threshold will be $250,000 to $750,000 as of July 1, 2017 and $750,000 to $1 million as of July 1, 2021.
The threshold for filing financials audited by a CPA is $500,000 of “gross revenues and support.”
The range for filing a CPA’s “review report” is $250,0000-$500,000 of “gross revenue and support.”
Organizations having “gross revenue and support” not in excess of $250,000 will not need to retain a CPA.
The New York State Attorney General's Charities Bureau has more here.
Nonprofit Coordinating Committee of New York, Inc. www.npccny.org