Pennsylvania recently revised the Solicitation of Funds for Charitable Purpose Act annual financial reporting standards
The new annual financial reporting requirements for nonprofit organizations are:
The new, higher thresholds will benefit many small nonprofits. Nevertheless, you may still need an independent financial audit if your funding source or the other states in which you do business so require. Review your grant agreements and other state laws to determine the level of financial reporting required.
In related news, the newly enacted Act 72 of 2017 amended the Solicitation of Funds for Charitable Purposes Act so annual registration forms are considered timely if postmarked by the due date. Previously, they were timely filed only if the State received them by the due date. This led to late fees for many nonprofits that waited until the last minute to file.
Christine Jarzab Kuntz is an attorney specializing in the life cycle of businesses and nonprofit organizations. She is enthusiastic to share her knowledge, tools, and tips with the business and nonprofit community. She enjoys the excitement of tutoring start-ups, tackling the challenges of established businesses, and counseling her clients' transitions through all stages of the business life cycle.