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MTRS Issues Final GASB 68 Report, Providing Charter Schools with Their Portion of Pension Expense and Revenue

AAFCPAs would like to make Massachusetts Charter School clients aware that the Massachusetts Teachers’ Retirement System (MTRS) has issued its GASB 68 “Schedule of Nonemployer Allocations and Schedule of Collective Pension Amounts” report for the year ended June 30, 2017. The Schedules are available here. >>
AAFCPAs reminds clients, per Governmental Accounting Standards Board (GASB) Statement No. 68, Accounting and Financial Reporting for Pensions, employers in a special funding situation are required to recognize an “on behalf of” pension expense and revenue for the support provided by the nonemployer contributing entity (the Commonwealth). All Charter Schools in MTRS are considered special funding situations with employer contributions paid by the Commonwealth.
Charter Schools may access this report to determine their specific amount to recognize for pension expense and revenue. The amounts are listed alphabetically by school starting on page 21 of the report, titled: “SUPPLEMENTAL SCHEDULE OF SPECIAL FUNDING AMOUNTS BY EMPLOYER.”  The second column should be used entitled “employer pension expense and revenue from Commonwealth Support.”
If you have any questions, please contact: Jeanie Gorlovsky-Schepp, CPA at, 774.512.4000; John Buckley, CPA, CGMA at, 774.512.4039; or your AAFCPAs Partner.

About the Authors

Jeanie Gorlovsky-Schepp CPA
Jeanie has extensive experience providing assurance, tax and consulting solutions for regional, national and international nonprofits, including: arts and cultural organizations, charter schools and Charter Management Organizations (CMOs), and multi-service human & social service providers. Jeanie is a leader in AAFCPAs’ Nonprofit Tax practice, and her advice helps clients navigate complex issues such as unrelated business income tax (UBIT), state filing requirements, related-party transactions and executive compensation disclosures. She leads training programs for internal team members, clients, and regional & national industry associations on various topics, including: strategic budgeting, Form 990 reporting and tax-exempt status. Most recently, she has happily shared her expertise as a guest speaker of the Massachusetts Nonprofit Network, and the Massachusetts Council of Human Service Providers, Inc. (The Providers' Council).
John Buckley CPA
John has been successfully serving AAF clients for over 20 years. He has extensive experience with the audits of diverse associations, educational institutions, and other community-based agencies. John specializes in working with nonprofit organizations that are subject to federal, state, and other regulatory requirements. John is AAF’s Educational Services Division Leader, which includes services to independent schools, charter schools and Charter Management Organizations (CMOs), colleges, education services organizations, Chapter 766 schools, and other educational institutions. He has extensive experience with these types of organizations, including working with capital campaigns, financing agreements, and charter school replication.