New Wisconsin Audit Requirements for Nonprofits

Governor Tony Evers previously signed into law 2023 Wisconsin Act 151, which updated the audit and review requirements for charitable organizations registered in Wisconsin. These changes impact financial reporting thresholds and apply to fiscal years beginning on or after March 23, 2024. As your trusted advisors, RPB CPAs wants to ensure you’re informed and prepared.

Key Changes at a Glance

Requirement Type – Old Threshold – New Threshold

Independent Review – $300,000 – $500,000

Independent Audit – $500,000 – $1,000,000

Effective Date

Applies to fiscal years beginning on or after March 23, 2024. For calendar year filers (Jan 1 – Dec 31), the 2025 calendar year is impacted.

What This Means for You

  • If your organization receives less than $500,000 in contributions annually: No review or
    audit is required under state law.
  • If your organization receives between $500,000 and $999,999 in contributions annually: A review is required.
  • If your organization receives $1 million or more in contributions annually: An audit is
    required.

If your fiscal year begins before March 23, 2024, the old thresholds still apply for that year.

What Counts Toward Contributions Under Wisconsin Statutes?

Counts as Contributions

  • Cash and stock donations
  • Pledges of money, credit, property, or other things of value (excluding food, used clothing, or household goods)
  • In-kind gifts of property or assets
  • Membership dues if the member receives no substantial goods or services in return

Does NOT Count as Contributions

  • Food, used clothing, or used household goods
  • Government grants (federal, state, or local)
  • General membership fees, dues, or assessments unless tied to a pledge-led membership

RPB’s Guidance

We recommend that all nonprofit organizations:

  1. Review your projected contributions for the current and upcoming fiscal years.
  2. Reassess your financial reporting obligations under the updated thresholds.

Let’s Talk

RPB CPAs is here to support Wisconsin’s nonprofit community through these changes. If you’re unsure how these new requirements affect your organization—or if you’re evaluating your fiscal year or financial policies—we’re ready to help.

Please reach out to your RPB engagement team or contact us at:
info@rpb.biz | (414) 271-7800