Wisconsin New Charity Registration Guidelines
Wisconsin recently passed new charity registration guidelines.
Way to Go Wisconsin!
Wisconsin enacted changes to its charitable registration laws effective February 29, 2016. It is good news for small and large nonprofits alike!
Key changes include an increase in the exemption threshold from $5,000 to $25,000 in revenue per fiscal year for smaller organizations that do not pay people for fundraising activities and providing no assets or income benefit any officer or member of the organization. If the organization exceeds $25,000 in revenue during a fiscal year they must register with the Wisconsin Department of Financial Institutions within 30 days.
For larger nonprofit organizations, Wisconsin following the trend to increase the revenue threshold that requires an audit from $400,000 to $500,000.
More good news – the due date for filing the Wisconsin financial report has increased from 6 months to 12 months for filing annual reviews and audited financial statements. To see the new legislation visit http://docs.legis.wisconsin.gov/2015/related/acts/163.pdf.
DID YOU KNOW?
Wisconsin is the only state to offer a Master Cheesemaker program. It takes three years to complete, and you need 10 years of cheese making experience before you can even apply as a candidate.