Audit Threshold Increased for NJ Nonprofits
By Eitan Balloul, Tax Manager, Not-for-Profit Many Exempt Organizations incur significant expenses associated with the requirement of providing audited financial statements on an annual basis. That expense could be diverted and used to further the charitable mission of the organization.
The burden of that expense may be relieved by increasing the threshold at which organizations must file audited financial statements and excluding certain non-monetary in-kind contributions...
