An Act relative to the financial statement review and financial statement audit thresholds for Massachusetts public charities

This bill updates the financial reporting requirements for Massachusetts public charities by raising the revenue thresholds that trigger mandatory reviews and audits. Specifically, it increases the limit for a financial statement review from $200,000 to $500,000 and raises the limit for a full financial statement audit from $500,000 to $750,000. Additionally, the legislation ensures that Massachusetts thresholds will automatically align with any future increases made by the federal government. These changes directly affect nonprofit organizations by allowing smaller charities to avoid certain reporting costs while maintaining oversight for larger entities.