Conversations

Feb.13, 2017

James Tutty from OTF said that if a charitable group has less than $50,000 in a year, OTF will be satisfied with the group's own financial statements. Then between $50,000 and $250,000 a group doesn't need an audited statement, they need a "notice to reader" done by a licensed public accountant, which can be issued for about $2000 -- just the guy/gal reading the annual statement and saying it looks okay but not guaranteeing anything.

Nice work if you can get it!

He said OTF has tightened its rules and will continue in that direction as "the sector commercializes" and the competition for grants continues to increase. He said that people need to read the rules often in case of changes so that they can "sell" themselves to funders. He anticipates that corporations will lead the charge of upping the requirements, and he linked that to "what's going on south of the border." He didn't clarify what he meant by that but maybe he meant Trump.