What is the effective date of the new requirement for a certified audit? Must the audit be done for any fiscal year ending on or after January 1, 2005, or is there a phase-in period?
There is a 6 month phase-in period to give charities time to comply with the new audit requirement. An audit will be required for all fiscal years ending on or after June 30, 2005. An audit will not be required for any fiscal year ending prior to that date. (Government Code section 12586(e).) • Must a charity that has audited financial statements for any fiscal year ending before 1/1/05 make those statements available for public inspection or provide copies to the public or to the Attorney General? No, the statute is not retroactive, although the Attorney General has investigative powers under other statutes that would allow him to obtain any charity’s audited financial statements upon request.
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