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Board considers raising nonprofit audit threshold from $50,000 to $400,000
Summary
Staff proposed raising the external-audit threshold from $50,000 to $400,000, citing rising audit costs and alignment with state requirements; staff said organizations would submit internal financial statements for staff review and the board will vote on the policy at the next meeting.
Staff presented a proposed change to the board’s financial-audit policy that would raise the threshold requiring an external financial audit from organizations receiving $50,000 or more per year to $400,000.
Melanie, finance staff, said the change responds to rising audit costs and the burden audits place on smaller providers. “We have been requiring anybody receiving $50,000 or more a year from us get a full financial audit,” she said, adding auditors’ quotes for one agency ranged from $7,000 to $22,000.
The proposal would require organizations that…
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