This bill amends the Solicitation of Funds for Charitable Purposes Act to update the financial reporting requirements for charitable organizations based on their annual contributions. Specifically, it raises the threshold for mandatory audits from $750,000 to $1,000,000 in annual contributions. Additionally, organizations receiving between $250,000 and $750,000 will now require a review or audit, while those with contributions between $100,000 and $250,000 will need a compilation, review, or audit. The bill also establishes that organizations with annual contributions below $100,000 will not be required to undergo any financial review.

The amendments include the deletion of previous contribution thresholds and the insertion of new ones, such as raising the lower limit for audits and reviews. The bill stipulates that audits must adhere to generally accepted auditing standards, and it will take effect immediately for contributions received in calendar years following its enactment.

Statutes/Laws affected:
Printer's No. 1042 (Mar 19, 2025): P.L.1200, No.202
Printer's No. 1042: P.L.1200, No.202