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.

 
13 out of 14 users found this page helpful.

Was this page helpful?



 

Only current members of the Minnesota Council of Nonprofits may post comments to this page.

Login To Comment

Individual Login

You are signed in as:

View My Account divider Logout


Search nonprofit Resources library

Search

Stay Updated

Subscribe to Email Alerts »

 

 

 

Upcoming Financial Management Trainings