Does your state require an independent audit? Are you 100% sure?
State laws regulating independent audits vary widely. 26 states require charitable nonprofits to submit a copy of audited financial statements in conjunction with the process of registering the charitable nonprofit. Some private foundations may require (or even just expect) a nonprofit grantee to conduct an independent audit. A few states even have laws that require nonprofits at certain funding levels to submit independent audits to the state agencies providing funding.
Not sure exactly where you state falls, or just want to settle that feeling of doubt in the back of your mind?
Well the National Council of Nonprofits has you covered. With a full breakdown of the state-by-state audit requirements you may face—some of which have changed in recent years—you don’t need to worry that you might miss something.
Find your State Law Nonprofit Audit Requirements here.