Increase in Audit and Review Thresholds
The Massachusetts Governor signed the Economic Development Bill into law in November 2024. The Economic Development Bill included a provision to increase the financial statement review and audit thresholds for nonprofits. The threshold is based on an organization’s total support and revenue. The new thresholds are as follows:
The new thresholds will go into effect 90 days after the bill was signed. This increase is expected to provide financial and administrative relief on small and mid-sized non-profits.
Please contact one of our professionals if you have any questions or would like to discuss the new thresholds and any impact to your organization.