Maryland SB354 adjusts audit and review thresholds for charitable organizations based on gross income.

Maryland SB354 modifies the audit and review thresholds for charitable organizations. It raises the gross income threshold for requiring an audit from $750,000 to $1,000,000. It also raises the threshold for requiring a review from $300,000 to $500,000. The Secretary of State may require an audit or review if gross income is less than $1,000,000. The bill also allows for alternative documentation in place of an audit or review under certain conditions. This act takes effect July 1, 2026.

Maryland SB354 adjusts audit and review thresholds for charitable organizations based on gross income.

Maryland SB354 modifies the audit and review thresholds for charitable organizations. It raises the gross income threshold for requiring an audit from $750,000 to $1,000,000. It also raises the threshold for requiring a review from $300,000 to $500,000. The Secretary of State may require an audit or review if gross income is less than $1,000,000. The bill also allows for alternative documentation in place of an audit or review under certain conditions. This act takes effect July 1, 2026.