Blog
Our Blog acts as a great resource of topical information for the finance community. Use the search function to find specific topics or browse our categories to benefit from our past shared learnings.
AAFCPAs announces client recipient of our drawing to attend the BBJ CFO of the Year luncheon!
Congratulations to AAFCPAs’ client: Robert Ebersole, CFO of Lowell Community Health Center, Inc. Robert is the lucky winner of our random drawing for a complimentary ticket to attend the Boston Business Journal’s CFO of the Year Awards luncheon program! AAFCPAs is a proud SPONSOR for the 10th Annual BBJ CFO of the Year Awards, and […]
OMB Clarifies Applicability Date for Micro-Purchase and Simplified Acquisition Thresholds Increase
The Uniform Guidance (UG) was issued in 2013 by the U.S. Office of Management and Budget (OMB) and effective on December 26, 2014 for all nonprofit entities. OMB granted a grace period of three full fiscal years for the implementation of the UG procurement standard. Nonprofit entities with a June 30th fiscal year end must […]
CFOs Are the Right-Hand of CEO/Leadership, and Driven by Great Expectations
The role of the CFO continues to become increasingly complex and strategic, and as the role evolves, so do the expectations of the CEO. AAFCPAs’ CFO Survey, conducted in collaboration with FEI-Boston, captured feedback from more than 250 senior financial executives from the Northeast region of the United States. 60% of respondents reported moderate to […]
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) […]
FASB Issues Revenue and Expense Recognition Standard for Nonprofit Grants and Contributions
On June 21, 2018, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contribution Made intended to address the diversity in practice among not-for-profit organizations for grant and contribution accounting. ASU 2018-08 applies primarily to nonprofits, […]
South Dakota v. Wayfair, Supreme Court Rules States Can Require Online Sales Tax
AAFCPAs would like to make clients aware that the US Supreme Court on Thursday, June 21, 2018, in the case of “South Dakota v. Wayfair,” overturned its 1992 “Quill” decision, which had barred states from requiring internet and mail order vendors with no physical presence in a state from collecting sales tax on transactions involving […]
AAFCPAs Earns SOC for Cybersecurity Services Certificate
AAFCPAs’ Partners James Jumes, MBA, M.Ed. and Robin Kelley, CPA, CITP, CGMA, CSPM, CCSFP have earned the System and Organization Controls (SOC) for Cybersecurity Certificate issued by The Association of International Certified Professional Accountants (AICPA). SOC for Cybersecurity is a new entity-wide cybersecurity audit that allows organizations to voluntarily report on their cybersecurity management programs […]
Massachusetts Supreme Judicial Court Rules Millionaire Tax Unconstitutional
AAFCPAs would like to make clients aware that a proposed ballot question seeking to impose a 4% surtax on Massachusetts individuals on the portion of taxable income exceeding $1 million has been ruled unconstitutional by the Massachusetts Supreme Judicial Court (SJC). Individuals with income below this threshold were not to be affected. The proposed ballot […]
Merger talks with Partners go on after Harvard Pilgrim CEO's abrupt departure
Boston Business Journal | CEOs traditionally play important roles in the merger discussions involving other health care systems throughout the state. But experts say whether Schultz’ departure hurts or helps a merger depends on his role in the conversations up to this point. “If the former CEO Eric Schultz was a driving force, this could […]