JACKSON, Miss – Based on an official opinion issued by the Mississippi Attorney General’s Office the reference to “and use cash basis measurement only” in the title of Senate Bill 2077 should not be considered when determining the method to prepare the audit. The audit should be prepared using generally accepted accounting principles as indicated in the Mississippi Regulation of Charitable Solicitations Act.

Beginning July 1, 2023, per SB 2077 passed during the 2023 Legislative Session, the new filing threshold for audited financial statements has been increased from $500,000 to $750,000 for those entities receiving monetary donations. Entities receiving ONLY nonmonetary donations are no longer subject to the audited financial statement requirements. 

For questions or more information, contact our Charities Division at (601) 359-1599, email charities.customerservice@sos.ms.gov, or visit sos.ms.gov/charities.