Public Charities Bill Becomes Effective October 13, 2004

On July 15, 2004, Governor Romney signed the legislation and according to Legislative rules, the law will become effective The law becomes effective October 13, 2004 and will effect those charities with fiscal years ending after 10/13/04. The previous law indicated that "a public charity which received not more than $250,000 in gross support and revenue during the fiscal year covered by its report may in lieu of an audited financial statement submit a financial statement accompanied by an independent CPA's review report as such report is defined by the American Institute of Certified Public Accountants." The new law increases the threshold to $500,000. As a result, those public charities that received more than $100,000, but not more than $500,000 in gross support revenue, do not have to submit an audited financial statement. The following link will provide you with the complete wording of the new legislation.

http://www.mass.gov/legis/laws/mgl/12-8f.htm

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