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MS SB2077
Bill
AI Summary
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Raises the audit threshold for charitable organizations from $500,000.00 to $750,000.00 in annual monetary donations for filing audited financial statements with the Secretary of State.
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Organizations receiving $250,000.00 to $750,000.00 in annual monetary donations with unpaid fundraisers must file reviewed (rather than audited) financial statements instead of full audits.
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Organizations receiving more than $25,000.00 but less than $750,000.00 in annual monetary donations must submit audited financial statements only upon request by the Secretary of State.
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Specifies that contribution thresholds are measured using cash basis (monetary donations) only, removing ambiguity about measurement methods.
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Effective date is July 1, 2023.
Legislative Description
Charitable Organizations; Raise audit threshold for contributions to $750,000.00, and use a cash basis only.
Last Action
Approved by Governor
3/14/2023