MA Charter School end of Year Financial Report Reminder

Posted on November 10, 2021

AAFCPAs reminds Massachusetts charter school clients that the Charter School End of Year Financial Report (CSEOYFR) is due to Massachusetts Department of Elementary and Secondary Education (DESE) by December 1, 2021.

As auditors, it is our responsibility to follow the Massachusetts Charter School Audit guide as part of our audit procedures. Historically, this guide has required us to review the financial information included in the CSEOYFR for accuracy and completeness, including Schedule 4 – Surplus Tuition, 20% Excess Carryover. This past year, as part of changes made to the Massachusetts Charter School Audit Guide, DESE now requires auditors to review the following pieces of the CSEOYFR to ensure there is factual data included:

Schedule 5 – Schedule B: Charter School Building Information
Schedule 7 – Audit Questionnaire

AAFCPAs advises clients to review these schedules carefully to ensure they comply with DESE requirements.

If you have questions, please contact Nichole Reilly, CPA, MBA, at nreilly@nullaafcpa.com, 774.512.4016, John Buckley, CPA, CGMA, at jbuckley@nullaafcpa.com, 774.512.4039; or your AAFCPAs Partner.

About the Authors

Nichole Reilly, CPA, MBA

Nichole is responsible for planning and executing financial statement audits for sophisticated nonprofit organizations. She has extensive experience serving community health centers, charter schools, community development corporations and their affordable housing development projects with HUD and MHFA requirements. She has been serving AAFCPAs’ clients since 2010. Nichole delivers a full range of solutions solving the challenges that AAF’s clients face, including: audits in accordance with the Uniform Guidance/Single Audit and Government Auditing Standards, as well as the Massachusetts Uniform Financial Report (UFR). She has extensive experience providing assurance solutions, and leading high-energy teams to consistently deliver a positive, non-intrusive client experience.

John Buckley, CPA, CGMA

John is the leader of AAFCPAs’ Educational Services practice, serving diverse academic and education services clients spanning independent schools, colleges/universities, special education schools, education services, charter schools and charter management organizations (CMOs). John chairs AAFCPAs’ Risk Committee and oversees the firm’s Enterprise Risk Management Program, ensuring proper practices are in place to surface, understand, and manage priority risks. Additionally, John performs various types of fraud audits for clients, including cash disbursement, credit card fraud, and falsifying employee reimbursement. He has been asked to serve as an expert witness for several attorneys involved in fraud cases.