When must the Chief Finance Officer receive an audit for a First Aid Organization?

The correct answer indicates that the Chief Finance Officer must receive an audit when contributions exceed $35,000. This threshold is significant as it aligns with regulatory requirements governing nonprofit organizations, including First Aid Organizations, which are required to ensure accountability and transparency in their financial operations.

An audit serves various purposes, including providing assurance that financial statements are accurate and conform to regulatory standards, which is crucial especially when a nonprofit begins to accumulate substantial funds. When contributions reach $35,000, the increased financial activity can lead to significant responsibilities for the organization, necessitating a professional review of its financial health to protect both the organization and its stakeholders.

Having an audit at this level helps in maintaining public trust, attract additional contributions, and ensures compliance with financial management standards. This threshold serves as a regulatory benchmark for entities to establish accountability as they grow in their operations, reflecting the fiduciary responsibilities that come with increased funding.