Does a New Jersey Nonprofit Need an Audit?
New Jersey requires the annual financial report of a charitable organization that received more than $500,000 in gross revenue in its most recently completed fiscal year to be accompanied by financial statements audited by an independent certified public accountant, together with all management letters.
Data as of Sep 21, 2026 · Source: Federal Audit Clearinghouse (public data)
Does a New Jersey nonprofit need an audit?
New Jersey requires the annual financial report of a charitable organization that received more than $500,000 in gross revenue in its most recently completed fiscal year to be accompanied by financial statements audited by an independent certified public accountant, together with all management letters.
| Topic | Applies to | Rule | Threshold | Source | Last verified |
|---|---|---|---|---|---|
| State regulation | more than $500,000 in gross revenue during the most recently completed fiscal year | The annual financial report of every charitable organization that received more than $500,000 in gross revenue during its most recently completed fiscal year shall be accompanied by: 1) A financial statement prepared in accordance with generally accepted accounting principles or other comprehensive basis of accounting principles consisting of the modified cash basis or regulatory basis, which has been audited in accordance with generally accepted auditing standards by an independent certified public accountant licensed by the jurisdiction in which he or she practices; and 2) All management letters prepared by the auditor in connection with the audit commenting on the internal accounting controls or management practices of the charitable organization. | $500,000 | N.J.A.C. 13:48-5.3(c), Charitable Fund Raising (last revised 2022-05-09) | Last verified: 2026-09-21 |
Common questions
Does a New Jersey nonprofit need an audit?
New Jersey requires the annual financial report of a charitable organization that received more than $500,000 in gross revenue in its most recently completed fiscal year to be accompanied by financial statements audited by an independent certified public accountant, together with all management letters.
How does this differ from the federal single audit?
The federal single audit applies when a nonprofit spends $1,000,000 or more in federal awards in a fiscal year beginning on or after October 1, 2024 ($750,000 for earlier fiscal years). State rules are separate and are listed on this page.