If you’re a for-profit or a non-profit service provider receiving annual disbursements from one of the 21 California Regional Centers, you may now be required to contract with an independent accounting firm to conduct an annual audit of your finances.
The new addendum to the Nonprofit Integrity Act of California (California SB 74 and Section 4652.5), in effect since March 24, 2011, requires service providers with negotiated annual rates of $250,000 to $500,000 to submit an independent review or independent audit of financial records. For providers with a negotiated rate over $500,000, an audit is required. This rule also applies to work activity program service providers receiving less than $250,000.
The audit reports must certify that 85% of all government funds are used for actual programs and that no more than 15% is funneled toward administrative costs. This new statute was passed after widespread reports of nepotism and other abusive practices among service provider management.
Look to Breard & Associates, Inc. to get it done.
Breard & Associates, Inc.’s years of experience in non-profit audits and reviews, including long-time knowledge of PCAOB and other regulations, as well as our reasonable fees, make us the perfect choice for completing this audit thoroughly and on time.