As for any other 501c3 International Charity Organization that raises over $200,000, the IRS requires that our financials be audited annually.

RUF performs internal (Board-level) audits and external audits of our financials. In 2024, the cost of the external audit was over $8,000.

Our accounting firm is Desmond & Ahern, Ltd., a full-service accounting firm in Chicago. The firm provides clients with tax, accounting, and business consulting services in various business activities. Desmond & Ahern, Ltd. was founded in 1958 and has earned a reputation as an outstanding CPA firm.

Illinois Law

Illinois law requires nonprofits to have a full independent audit if they receive $500,000 or more in annual contributions. If the organization receives between $300,000 and $500,000 in annual contributions, it must submit a reviewed financial statement prepared by an independent CPA, which is less comprehensive and less expensive than a full audit. These thresholds took effect on January 1, 2025, replacing the previous $300,000 audit requirement.

For nonprofits using a paid professional fundraiser, a much lower threshold of $25,000 in annual contributions triggers the full audit requirement.

Contributions generally include most donations and grants but exclude ticket sales for performing arts, union dues, and donated services.

In summary:

• $500,000 or more in annual contributions: full audit required.

• Between $300,000 and $500,000: financial review required.

• Under $300,000: no audit or review needed unless a professional fundraiser is used.

These requirements must be met as part of the nonprofit’s annual filing with the Illinois Attorney General’s office. Noncompliance can impact your registration to solicit funds in Illinois.

About Desmond & Ahern, Ltd

Contact: Paul Betlinski, CPA Desmond & Ahern, Ltd.
Address: 10827 S. Western Ave.Chicago, IL 60643
Website: desmondcpa.com

[1] https://www.desmondcpa.com
[2] https://www.linkedin.com/company/desmond-&-ahern-ltd.
[3] https://www.desmondcpa.com/meet_our_team.php
[4] https://www.beverlyreview.net/special/good_news_2022/article_cf000456-1d83-11ed-8dfe-d3eb927bd259.html
[5] https://www.dnb.com/business-directory/company-profiles.desmond__ahern_ltd.aebb18b09fe6dbf54e57c721f00568cc.html

Our law firm is Wagenmaker & Oberly, LLC. The firm provides legal services to nonprofit organizations and others within the philanthropic sector. The firm serves as legal counsel to hundreds of local and global nonprofit and tax-exempt organizations. The firm has locations in Chicago, New York, and Charleston.

About Wagenmaker & Oberly, LLC

Contact: Ryan Oberly, Partner at Wagenmaker & Oberly, LLC
Address:53 W Jackson Blvd., Suite 1734 Chicago, IL 60604
Website: wagenmakerlaw.com

[1] https://www.linkedin.com/company/wagenmaker-&-oberly-llc
[2] https://www.lawyer.com/firm/wagenmaker-oberly-llc-sc.html
[3] https://www.wagenmakerlaw.com
[4] https://www.linkedin.com/in/ryanoberly
[5] https://www.dnb.com/business-directory/company-profiles.desmond__ahern_ltd.aebb18b09fe6dbf54e57c721f00568cc.html