Business Regulation - Charitable Organizations - Audit and Review Thresholds

HB 483 increases the income thresholds requiring audits or reviews for Maryland charitable organizations. It raises the audit requirement from $750,000 to $1,000,000 in annual charitable contribution income, and the review requirement from $300,000 to $500,000. Organizations with income below $1 million may now use an affidavit plus supporting documents if their cash receipts from charitable contributions stay under $500,000 and meet specific spending criteria. The bill takes effect July 1, 2026, directly affecting larger charities that previously faced audit mandates at lower income levels.