Charter Schools & CMOs
Guidance on New Lease Accounting Standard
In 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions. AAFCPAs has summarized some of the most significant changes resulting from the new ASU for your convenience: AAFCPAs has provided a detailed Whitepaper providing guidance on the FASB’s new Lease standard so clients may proactively […]
MA Charter School end of Year Financial Report Reminder
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 […]
MA Nonprofit Annual Report Due by Nov 1
AAFCPAs reminds clients that every nonprofit corporation organized under the laws of the Commonwealth of Massachusetts must file a nonprofit Annual Report with the Corporations Division on or before November 1st of each year. Failure to file can lead to a loss of “good standing” as a corporation in Massachusetts. Learn more here: https://www.sec.state.ma.us/cor/corpweb/cornp/npfrm.htm
AAFCPAs to Present Workshop on Anticipating Fraud for Charter Schools
Leaders in AAFCPAs’ Education Practice, John Buckley, CPA, CGMA, and Nichole Reilly, CPA, will present an educational webinar: Is Fraud Preventable? Safeguard Your Charter Public School’s Fiscal Operations in collaboration with the Massachusetts Charter Public School Association (MCPSA) on June 3rd, 2021. This session is open to board members, school leaders, and CFO/COOs. Recent events […]
Watch Now: Charter Schools, Understand COVID Funding Compliance
In response to the COVID-19 pandemic, Charter Schools have gained access to various forms of government funding. Schools who expended certain government funding in excess of $750,000 in fiscal year 2021 are subject to an audit in accordance with Uniform Guidance. For some charter schools, this may be your first exposure to this rigorous Federal […]
AAFCPAs’ 2021 Nonprofit Educational Seminar
AAFCPAs is excited to announce that registration is now open for our 12th Annual Nonprofit Educational Seminar, scheduled for Wednesday, April 28. As a client and/or friend of AAFCPAs, your registration will be complimentary. We are excited this year to announce we will be hosting this popular event virtually! AAFCPAs’ Annual Nonprofit Educational Seminar is considered by […]
Cyber Actors Target K-12 Distance Learning
AAFCPAs would like to make education clients aware that the Federal Bureau of Investigation (FBI), the Cybersecurity and Infrastructure Security Agency (CISA), and the Multi-State Information Sharing and Analysis Center (MS-ISAC) have assessed that malicious cyber actors are targeting kindergarten through twelfth grade (K-12) educational institutions, leading to ransomware attacks, the theft of data, and […]
ESSER Funds May Subject Charter School to Federal Single Audit
In response to the COVID-19 pandemic, federal funding has been available to charter schools through the Massachusetts Department of Elementary and Secondary Education (DESE) under the Coronavirus Aid, Relief and Economic Security (CARES) Act. The most significant of this funding is the Elementary and Secondary School Emergency Relief (ESSER) funds. While these funds are and […]
Massachusetts DESE Issues New Guidance on Approval of Annual Financial Statement Audit
AAFCPAs would like to make our Massachusetts education clients aware that in July 2020, the Massachusetts Department of Elementary and Secondary Education (DESE) issued the final version of their audit guide to be used for fiscal year 2020 financial statement audits. The only change from the prior version related to Section 201: Administering the Audit, […]