What are the audit requirements for nonprofits?
An example of an AI chatbot conversation about nonprofit audit requirements.
What are the audit requirements for nonprofits?
Nonprofits typically need to undergo an audit if they meet certain revenue thresholds or if required by state law. Do you have a specific state in mind?
Yes, I'm interested in California. What are the specific requirements there?
In California, nonprofits with gross revenues over $2 million must have an annual audit. Those with revenues between $500,000 and $2 million may need a review instead.
What documents do I need to prepare for the audit?
You'll need financial statements, tax returns, board meeting minutes, and any contracts or agreements. It's best to consult with your auditor for a complete list.
How long does the audit process usually take?
The audit process can take anywhere from a few weeks to several months, depending on the size of the organization and the complexity of its finances.
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