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At the June 8, 2022 ARWP, Inc. BoD meeting the ARWP, Inc. Audit requirements were discussed and voted on.
Accounting and legal counsel were consulted as was the Colorado Office of the State Auditor. See link below for information.
https://apps.leg.co.gov/osa/lg Colorado General Assembly Office of the State Auditor
No State or Federal Statutes require our organization to conduct and audit. More information regarding the audit process regarding nonprofits is below. We are a non fundraising 501(c)(12) Nonprofit organization.
https://www.councilofnonprofits.org/nonprofit-audit-guide
USDA has informed us that there are Federal audit requirements on entities that receive in excess of $750,000 of Federal money in a calender year. We anticipate reaching this threshold in 2024, with an audit then required in 2025. USDA will be providing ARWP, Inc. with parameters, requirements and guidance prior to 2024 so that accounting can prepare for the process.
The BoD President has instructed the Treasurer and Secretary to review applicable sections of the current bylaws, and with review by accounting and legal counsel, to present updated language to the BoD at the July 13, 2022 meeting for vote and adoption.
