Vote Smart's Synopsis:

Vote to pass a bill that amends audit requirements for charitable organizations based on annual contributions in Pennsylvania.

Highlights:

• Requires every charitable organization that receives annual contributions of $1,000,000 or more to be audited by an independent certified public accountant or public accountant (Sec. 1).

• Requires every charitable organization that receives annual contributions of between $500,000 and $999,999 to have a review or audit of their financial statements performed by an independent certified public accountant or public accountant (Sec. 1).

• Requires every charitable organization that receives annual contributions of between $150,000 and $499,999 to have a compilation, review, or audit of their financial statements performed by an independent certified public accountant or public accountant (Sec. 1).

• Specifies that an audit or review is optional for charitable organizations that receive annual contributions of less than $150,000 (Sec. 1).

• Specifies that this Act applies to contributions received in calendar years after its effective date (Sec. 2).

• Specifies that this Act is effective 120 days after passage (Sec. 3).

Full Bill Text