Pursuant to the Nonprofit Integrity Act of 2004, an independent audit of annual financial statements is required for certain tax-exempt organizations with gross revenues in excess of $2 million (excluding government grants that require such audit already). The auditor must prepare the audit in accordance with Generally Accepted Accounting Principles (GAAP). Should SMCBA generate more than $2 million dollars in gross receipts separate and apart from any government grants requiring audit already), an Audit Committee shall be established at the close of the fiscal year in which the funds were generated.
Chair: Robert Cashen
Morgan Tidalgo Sukhodrev & Azzolino LLP
1650 Borel Pl., Ste. 121
San Mateo, CA 94402