REVISING FINANCIAL REPORTING REQUIREMENTS FOR CHARITABLE ORGANIZATIONS

MONITORING A661

This bill amends New Jersey’s Charitable Registration and Investigation Act by increasing the thresholds of gross revenue amounts received by charitable organizations that determine their annual financial reporting requirements with the Attorney General’s office. Under the bill, a charitable organization operating or soliciting within the state which receives annual gross revenue in excess of $1 million must file with its annual financial report a financial statement which has been audited by an independent CPA. Currently, the threshold is $500,000.