Increased Audit and Review Thresholds for Wisconsin Not-for-Profits
The state has recently increased the audit and review thresholds for non-profit organizations. This change provides much-needed relief for smaller non-profits by exempting them from the requirement to complete an audit or review, saving additional time and money. Here is everything you need to know.
New Audit and Review Thresholds
Effective for fiscal years beginning on or after March 23, 2024, the audit threshold for non-profits in Wisconsin will be increasing from $500,000 to $1 million. Additionally, the review threshold will be increasing from $300,000 to $500,000.
This means non-profit entities with annual contributions between $500,000 and $1 million will no longer be required to undergo a full audit, and those with contributions between $300,000 and $500,000 will no longer need to undergo a review. This change will apply to calendar year non-profits with a December 31, 2025 year-end, as well as any other organizations with fiscal years ending between March 31, 2025, and December 31, 2025.
*It’s important to note this threshold would not impact non-profit entities that have other reporting requirements such as national affiliations, by-laws, or other funding sources.
Updated Forms For New Threshold
Along with the increased thresholds, the state has also introduced updated forms for the new thresholds. Any non-profit organization with a fiscal year beginning on or after March 23, 2025, will need to complete either the WI Form 1952 or the WI Form 1943 in addition to their Form 990 filing.
Questions or Concerns?
If you have any questions or concerns about these changes, please contact our Trusted Advisors. We’re here to help ensure a smooth transition and provide the guidance and support you may need.
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Increased Audit and Review Thresholds for Wisconsin Not-for-Profits
The state has recently increased the audit and review thresholds for non-profit organizations. This change provides much-needed relief for smaller non-profits by exempting them from the requirement to complete an audit or review, saving additional time and money. Here is everything you need to know.
New Audit and Review Thresholds
Effective for fiscal years beginning on or after March 23, 2024, the audit threshold for non-profits in Wisconsin will be increasing from $500,000 to $1 million. Additionally, the review threshold will be increasing from $300,000 to $500,000.
This means non-profit entities with annual contributions between $500,000 and $1 million will no longer be required to undergo a full audit, and those with contributions between $300,000 and $500,000 will no longer need to undergo a review. This change will apply to calendar year non-profits with a December 31, 2025 year-end, as well as any other organizations with fiscal years ending between March 31, 2025, and December 31, 2025.
*It’s important to note this threshold would not impact non-profit entities that have other reporting requirements such as national affiliations, by-laws, or other funding sources.
Updated Forms For New Threshold
Along with the increased thresholds, the state has also introduced updated forms for the new thresholds. Any non-profit organization with a fiscal year beginning on or after March 23, 2025, will need to complete either the WI Form 1952 or the WI Form 1943 in addition to their Form 990 filing.
Questions or Concerns?
If you have any questions or concerns about these changes, please contact our Trusted Advisors. We’re here to help ensure a smooth transition and provide the guidance and support you may need.
Increased Audit and Review Thresholds for Wisconsin Not-for-Profits
The state has recently increased the audit and review thresholds for non-profit organizations. This change provides much-needed relief for smaller non-profits by exempting them from the requirement to complete an audit or review, saving additional time and money. Here is everything you need to know.
New Audit and Review Thresholds
Effective for fiscal years beginning on or after March 23, 2024, the audit threshold for non-profits in Wisconsin will be increasing from $500,000 to $1 million. Additionally, the review threshold will be increasing from $300,000 to $500,000.
This means non-profit entities with annual contributions between $500,000 and $1 million will no longer be required to undergo a full audit, and those with contributions between $300,000 and $500,000 will no longer need to undergo a review. This change will apply to calendar year non-profits with a December 31, 2025 year-end, as well as any other organizations with fiscal years ending between March 31, 2025, and December 31, 2025.
*It’s important to note this threshold would not impact non-profit entities that have other reporting requirements such as national affiliations, by-laws, or other funding sources.
Updated Forms For New Threshold
Along with the increased thresholds, the state has also introduced updated forms for the new thresholds. Any non-profit organization with a fiscal year beginning on or after March 23, 2025, will need to complete either the WI Form 1952 or the WI Form 1943 in addition to their Form 990 filing.
Questions or Concerns?
If you have any questions or concerns about these changes, please contact our Trusted Advisors. We’re here to help ensure a smooth transition and provide the guidance and support you may need.