Bill > HB965

This bill amends the Solicitation of Funds for Charitable Purposes Act by updating the financial reporting requirements for charitable organizations based on their annual contribution levels. Specifically, the bill raises the thresholds for different levels of financial reporting scrutiny: organizations receiving $1,000,000 or more in annual contributions must now have a full independent audit, compared to the previous threshold of $750,000; organizations receiving between $500,000 and $1,000,000 must have a review or audit, up from the previous range of $250,000 to $750,000; and organizations receiving between $150,000 and $500,000 must have a compilation, review, or audit, compared to the previous range of $100,000 to $250,000. For organizations receiving less than $150,000 (previously $100,000), financial reporting remains optional. The bill mandates that audits must be performed according to generally accepted auditing standards and statements from the American Institute of Certified Public Accountants. The changes will apply to contributions received in calendar years beginning after the bill's effective date, which is immediately upon enactment.

Government Affairs

https://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm?syear=2025&sind=0&body=H&type=B&bn=965