Financial Filing Threshold

As per a 2002 revision to NYS law, the thresholds for filing certain financial reports with the New York State Attorney General are as follows:

The threshold for filing financials audited by a CPA is $250,000 of “gross revenues and support.”

The range for filing a CPA’s “review report” is $100,000-$250,000 of “revenue and support.”

Organizations having “gross revenue and support” not in excess of $100,000 will not need to retain a CPA. Such organizations must, however, submit a financial report certified by its officers.

At the risk of sounding preachy, we want to remind nonprofits of the importance of keeping correct and complete financial data. Using the higher thresholds as an excuse for lowering financial record keeping standards will only create problems down the road. As many of you know, the cost of avoiding a problem almost always is less than the cost of fixing one.

This article originally appeared in the June 2002 issue of New York Nonprofits, the monthly publication of the Nonprofit Coordinating Committee of New York, Inc. www.npccny.org
Modified 11/2006