Effective January 1, 2024, New Mexico has changed the audit threshold from $500,000 in total revenue to $750,000 in total expenses.
For any fiscal period BEGINNING on or after 1/1/2024 with total annual expenses exceeding $750,000, audited financial statements will be required.
For any fiscal period BEGINNING prior to 1/1/2024 with total annual revenue exceeding $500,000, audited financial statements will be required.
For more information, refer to the New Mexico Auditor’s Report Requirements Update.