Audit Threshold Increases to $750,000
In 2009, Minnesota Governor Tim Pawlenty signed a bill with a provision to increase the threshold at which organizations are required to obtain an audited financial statement that have been examined by an independent certified public accountant. The bill changes the threshold from $350,000, where it has sat for the last twelve years, to $750,000. Organizations with a fiscal year ending July 1, 2008 or later fall under the new limit of $750,000 for 2008 reporting. MCN believes that for Minnesota, given the dramatically increased costs of audits and the filing of the new IRS form 990, along with the effects of inflation, this is an appropriate time to increase the threshold.
For more information on MCN's support of this bill, please visit and review our past successes.