This week New Jersey non-profits received some welcome financial relief. On January 18, 2022, Governor Phil Murphy signed legislation raising the State’s audit threshold for non-profits from $500,0000 to $1,000,000 in gross revenues. In addition, the new legislation allows non-profits to exclude from gross revenues the value of in-kind donations that are directly related to the non-profit’s mission. This law became effective immediately. The new legislation should help reduce the financial burden placed on many of the State’s smaller non-profits by eliminating the cost of an annual audit.
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