Increased Audit Threshold
We want to remind you of a Fire Relief Association Working Group proposal that was included in this year’s Pension and Retirement Omnibus Policy Bill and could affect reporting requirements for your relief association next year. The provision increases the threshold at which an annual audit is required, from the current $500,000 in special fund assets or liabilities to $750,000. The change will become effective on December 31, 2023, and applies to audits of calendar year 2023 and thereafter.
After the OSA receives and reviews relief association reporting information for the 2022 calendar year, we will provide notice to those relief associations that no longer have an annual audit requirement and instead can have their financial reporting forms attested to by a Certified Public Accountant. If you have questions about how this law change may impact your relief association, please contact the OSA’s Pension Division.
Published last in the August 2023 Pension Newsletter