The table
Who
What they require
Threshold
Where it says so
ECFA (accreditation)
What they require
CPA audit with disclosure notes
Threshold
Total income over $3 million
Where it says so
Church application, ecfa.org
ECFA
What they require
CPA review with disclosure notes permitted
Threshold
Total income under $3 million
Where it says so
Church application, ecfa.org
ECFA
What they require
CPA compilation with disclosure notes permitted
Threshold
Total income under $2 million
Where it says so
Church application and document checklist, ecfa.org
United Methodist Church
What they require
"An annual audit of the financial statements of the local church and all its organizations and accounts"; a CPA "is not always required" depending on church size; report to the Charge Conference
Threshold
Every church, every year
Where it says so
Book of Discipline ¶258.4(d); GCFA Local Church Audit Guide FAQ
Presbyterian Church (U.S.A.)
What they require
"A full financial review of all financial books and records... every year by a public accountant or committee of members versed in accounting procedures"
Threshold
Every congregation, every year
Where it says so
Book of Order G-3.0113
Episcopal Church
What they require
Accounts "audited annually by an independent Certified Public Accountant... or such audit committee as shall be authorized" by the diocese; report filed within 30 days and no later than September 1
Threshold
Every parish and mission, every year
Where it says so
Canon I.7.1(f) and (g)
ELCA
What they require
An audit committee of three voting members elected by the Congregation Council, members not on the Council, three year terms
Threshold
Every congregation
Where it says so
Model Constitution for Congregations, C13.03 (2025 edition)
Southern Baptist Convention
What they require
No convention wide rule. One state convention: churches above $200,000 in receipts "should seriously consider" a professional auditor; above $1 million a yearly audit "is a smart move"
Where it says so
Arkansas Baptist State Convention audit guide
Assemblies of God
What they require
No audit provision in the recommended local bylaws; AGFinancial notes most small churches "may find that quarterly or annually compiled statements are sufficient"
Where it says so
AG recommended bylaws; agfinancial.org
Church lender (Griffin Church Loans)
What they require
Audited statements required; reviewed statements may be required; compiled statements often accepted; internal statements often accepted
Threshold
Over $5 million; $3 million to $5 million; $1 million to $3 million; $1 million and below
Where it says so
church-loan.com underwriting guidelines
Church lender (ChurchLend)
What they require
"Audited statements are ideal but reviewed or compiled statements are acceptable at most lenders. Internal-only financial reports are generally insufficient"
Threshold
Loans above $500,000
Where it says so
churchlend.com loan requirements
Other church lenders (AdelFi, CDF Capital, Thrivent, Cornerstone Fund, LCEF, AGFinancial)
What they require
Three years of financial statements; "many lenders require that an independent accountant prepares these"; no published statement type tier
Where it says so
Lender websites
Federal awards
What they require
Single audit
Threshold
$1 million or more expended in federal awards in a fiscal year
Where it says so
2 CFR 200.501(a)
Georgia charitable registration
What they require
CPA audited statements; CPA reviewed statements
Threshold
Over $1 million received; $500,000 to $1 million
Where it says so
O.C.G.A. 43-17-5. Religious organizations are exempt from registration under 43-17-9(a)(8)
California
What they require
Independent audit
Threshold
Gross revenue of $2 million or more
Where it says so
Gov. Code 12586(e). Religious organizations exempt under 12583
Florida
What they require
Audited statements; reviewed or audited
Threshold
$1 million or more in contributions; $500,000 to $1 million
Where it says so
F.S. 496.407. Bona fide religious institutions exempt under 496.403
New York
What they require
Audit report; review report
Threshold
Over $1 million; $250,000 to $1 million
Where it says so
CHAR500 instructions; religious organizations exempt under Exec. Law 172-a
Illinois
What they require
CPA certified statements; reviewed statements
Threshold
Over $500,000 in contributions; $300,000 to $500,000
Where it says so
14 Ill. Adm. Code 400.60
How to read it
"Audit" does not always mean a CPA audit. The Methodist, Presbyterian, and Episcopal rules all allow a committee of members to perform the annual review or audit in at least some churches. A lender or a grantor will not accept a committee's report. If your church needs the statements for more than the denomination, engage a CPA and satisfy both requirements with one set of statements.
Thresholds are about the church's size or the loan's size, not the CPA's preference. ECFA and the state laws use revenue. Lenders use the loan amount. Neither has anything to do with how complex your books are, which is what actually drives the cost of the work.
Churches are exempt from state charitable registration almost everywhere. The state thresholds are in the table because a ministry that is not a church, such as a counseling center, a school, or a relief organization, may have to register and meet them. A church that fundraises across state lines should check each state's exemption language rather than assume.
The rules change. ECFA's thresholds appear in its application materials rather than in the Standard, and the federal single audit threshold rose to $1 million in 2024. Check the source before relying on a number, and tell your CPA which rule you are trying to meet so the engagement letter names it.
What Credex Assurance does with this
When a church sends us its requirement, we confirm in writing which level satisfies it, set the report date to meet the deadline, and prepare the statements and notes in the form the reviewer expects. That is the whole practice: audits, reviews, and compilations for churches, ministries, and nonprofits, priced as a fixed fee before we start. Schedule a call.
Sources
ECFA Standards and Standard 3 commentary, ecfa.org/Content/Standards and /Content/Comment3; ECFA church application, ecfa.org/PDF/Offline-Apply-Church.pdf; ECFA application document checklist (2023). GCFA Local Church Audit Guide and FAQ, gcfa.org. PC(USA) Book of Order G-3.0113, pcusa.org. Episcopal Church Manual of Business Methods in Church Affairs (2023), episcopalchurch.org. ELCA Model Constitution for Congregations (2025 edition), elca.org. Arkansas Baptist State Convention audit guide, absc.org. Assemblies of God recommended bylaws; AGFinancial, "The importance of financial statements." Griffin Church Loans, church-loan.com; ChurchLend, churchlend.com; AdelFi, adelfibanking.com; CDF Capital, cdfcapital.org; Thrivent Church Loans; Cornerstone Fund; LCEF offering circular (2025). 2 CFR 200.501, ecfr.gov. Georgia Secretary of State charities guide, sos.ga.gov; O.C.G.A. 43-17-5 and 43-17-9. California Attorney General audit requirement notice; Gov. Code 12583. Florida Statutes 496.407 and 496.403. New York CHAR500 instructions (2021); Executive Law 172-a. 14 Ill. Adm. Code 400.60.