Employee Spotlight: Audit Practice

Employee Spotlight: Audit Practice

At AAFCPAs, our people are our greatest asset. We are delighted to spotlight five exceptional AAFCPAs team members for their contributions over the years and advancement within our audit practice. Their integrity, client service, and dedication have helped to set AAFCPAs apart, foster our winning culture, and delight our clientele. Let’s take a look at […]

MA UFR Extensions Must Be Submitted On the OSD website

MA UFR Extensions Must Be Submitted On the OSD website

AAFCPAs would like to make Human & Social Services clients aware that effective June 30, 2022, the Massachusetts Operational Services Division (OSD) will no longer accept extension requests for the submission of the UFR, MAB allocation requests and waiver requests through the UFR eFiling system.  All requests must be submitted using OSD’s web-based system which […]

Changes to In-kind Donation Disclosures for Nonprofits

AAFCPAs would like to make nonprofit clients and donors aware that the Financial Accounting Standards Board (FASB) has recently issued an Accounting Standards Update (ASU) to increase the transparency about the measurement of in-kind donations received by nonprofits, as well as the amount of those in-kind donations used in nonprofits’ programs and other activities. The […]

FASB Proposes Lease Standard Delay, Issues Pandemic Concessions FAQs

The Financial Accounting Standards Board (FASB) on April 8, 2020 issued a proposal to defer the effective date for ASU 2016-02, Leases, and all subsequent amendments by one year in response to the ongoing coronavirus pandemic. For private companies and private nonprofits, the effective date would be for fiscal years beginning after December 15, 2021. […]

Will Paycheck Protection Program Loans Be Subject to Uniform Guidance for Nonprofit Organizations?

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes many provisions that are applicable to nonprofit organizations.  One of the provisions is the Paycheck Protection Program (PPP) Loans which provides 100% Federally guaranteed loans to covered entities who meet certain criteria. A consideration for nonprofit organizations is whether the loans will be subject […]

AAFCPAs’ Hui-Ting Grady, CPA, MBA Earns Advanced Single Audit Certificate

AAFCPAs Assurance Manager Hui-Ting Grady, CPA, MBA is now among an elite group of CPAs in the country who have earned the Advanced Single Audit Certificate from the American Institute of CPAs (AICPA)’s Governmental Audit Quality Center. This advance level certificate is designed for auditors with seven or more years of experience in performing and […]

Accounting Considerations for Nonprofits with Donor Advised Funds (DAF)

Accounting Considerations for Nonprofits with Donor Advised Funds (DAF)

It has been reported recently that charitable giving had its largest decline since the 2008-2009 financial crisis, citing circumstances such as 2018 tax law changes as one reason for the decline. In a blog published in August 2019, AAFCPAs Wealth Management outlined charitable giving strategies donors should consider in order to maintain charitable goals while […]

New Revenue Recognition Accounting for Nonprofits: Contribution or Exchange Transaction?

On June 21, 2018, the Financial Accounting Standards Board (FASB) issued a final Accounting Standards Update (ASU) 2018-08, Not-For-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. This ASU clarifies and reduces the current diversity in practice in accounting for grants and contributions, particularly for grants and […]

2019 UFR Update: AAFCPAs Outlines Significant Changes

The Operational Services Division (OSD) of the Executive Office for Administration and Finance just released its FY 2019 UFR Audit and Preparation Manual, FY 2019 UFR Auditor’s Compliance Supplement, and FY 2019 Excel UFR Templates. The FY 2019 Manual is effective July 1, 2018 for the UFRs to be filed for FY 2019.  Visit Mass.gov […]

Statement of Cash Flow Considerations for Nonprofits Implementing the New Financial Statement Presentation Framework

AAFCPAs advises nonprofits in assessing the impact of the new Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, and we provide guidance throughout the transition process. The new financial statement framework affects nonprofit organizations in all industries (i.e. healthcare, affordable housing, social services, foundations, and education) and […]