An Act amending the act of December 19, 1990 (P.L.1200, No.202), known as the Solicitation of Funds for Charitable Purposes Act, further providing for registration of charitable organizations, financial reports, fees and failure to file.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill amends Pennsylvania’s law regulating charitable organizations that solicit funds. It increases the threshold for required financial audits, requiring organizations receiving $1 million or more in annual contributions to undergo a full audit by a certified public accountant. Organizations receiving between $250,000 and $750,000 must have a review or audit, and those receiving between $100,000 and $250,000 must have a compilation, review, or audit performed by an accountant. Organizations receiving less than $100,000 are not required to have an audit.
Key provisions
- Increases the threshold for required financial audits for charitable organizations.
- Requires organizations receiving $1 million+ in annual contributions to have a full audit.
- Requires organizations receiving $250,000 - $750,000 to have a review or audit.
- Requires organizations receiving $100,000 - $250,000 to have a compilation, review, or audit.
- Exempts organizations receiving less than $100,000 from audit requirements.
- Specifies auditing standards to be followed (generally accepted auditing standards and statements on auditing standards).
- Sets the effective date for contributions received after the bill's enactment.
Who is affected
- Charitable organizations
- Donors to charitable organizations
- Accountants and Certified Public Accountants
- The Department of State
- The Office of Attorney General
Bill text
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Document of record
- Version
- Pn 1433 Html
- Published
- Not published in the source record
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Sponsors
Official sponsors from legislative records.
6 on record
Primary sponsor
Lynda Schlegel Culver
Cosponsors
Patrick Stefano
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