Massachusetts to Issue Changes to Surplus Revenue Retention Regulations
AAFCPAs is pleased to report that there will be changes to the Massachusetts regulations regarding Surplus Revenue Retention, which appear favorable to human & social service providers. The 20 percent lifetime cap on Surplus Revenue Retention will be eliminated. Additionally, the 5 percent annual cap on Surplus Revenue Retention will be changed to a 20 percent cap per year. The changes will go into effect at the beginning of the 2017 fiscal year.
These changes affect nonprofits who file the UFR, especially those who may be bumping up against or exceeding the current caps. AAFCPAs advises our clients to now evaluate how these changes may impact your current and future predicted positions.
If you have any questions, please contact your AAFCPAs Partner, or you may contact Robin Kelley at 774.512.4011, firstname.lastname@example.org