Starting January 1, 2024, the audit threshold for nonprofits in Illinois has been updated. For nonprofits that do not employ professional solicitors, the threshold for requiring Audited Financial Statements increases to $500,000 in total revenue, while the threshold for Reviewed Financial Statements is set between $300,000 and $499,999 in total revenue. Nonprofits with total revenue of $299,999 or less are not required to submit financial statements to the state. For nonprofits that do use professional solicitors, the audit threshold remains at $25,000.
For more details, refer to the Illinois Notice of Amendment.