Pennsylvania Act 71, signed by Governor Tom Wolf into law on December 22, 2017, raises the contribution thresholds at which a charitable organization is required to file financial statements with its annual registration renewal. Charitable organizations registering with Pennsylvania will now be facing these higher thresholds effective for returns due on or after February 20, 2018 (60 days from enactment of Act 71). Please see the new contribution thresholds, as well as how they affect the required filings, below...
- Audited Financial Statements – contribution levels of $750,000 and above
- Review or Audited Financial Statements - contribution levels of $250,000 to $750,000
Compiled, Review or Audited Financial Statements - contribution levels of $100,000 to $250,000
- Compiled, Review or Audited Financial Statements Optional – contribution levels below $100,000
It is unclear at this time which fiscal year ends will be affected by this change, however, we will provide further guidance once it becomes available. For information on how this new law will impact your organization, please contact your Friedman LLP advisor.