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The committee approved sending revised Financial Partner Policy audit requirements to full council, replacing a one-size-fits-all audit approach with tiered reporting based on an organization’s gross receipts.
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Staff said the current audit rules can be too expensive for smaller nonprofits, especially those with limited resources or not-yet-certified status. The revised policy would require a full audit only for organizations with more than $500,000 in gross receipts, a lighter financial review for those between $100,000 and $500,000, and basic comparative financial statements for those under $100,000. The committee voted unanimously to advance the policy language to full council, which means the city is taking a less costly path that may make the Financial Partner Program more accessible to smaller groups.
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