Nonprofit organizations are often thought to be tax exempt. But this is a misnomer, as there are many situations where a nonprofit may have to either pay or collect and remit tax. Private foundations, also under the umbrella of 501(c)(3) nonprofit organizations, are subject to a 1.39 percent net investment tax on their investment income […]
Client Success Story: Better Decisions in Less Time, with Better Visualization!
The need for financial analysis is constant, and visibility into KPIs (Key Performance Indicators) is essential for decision making. When your systems have limitations in how you can visualize your data, your ability to make meaningful decisions is hindered. In this Client Success Story, we outline how AAFCPAs helped Beaver Country Day School move beyond […]
Guidance on Lease Standard for Independent Schools
What Lessees Need To Know In February 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions. Because of the significant changes contained in this ASU, though issued in 2016, the effective date for implementing the new accounting guidance was pushed to fiscal year 2023 for […]
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 […]
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 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 […]
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 […]
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, […]
Cancelled Fundraising Events, Written Notice Requirements
On March 10, 2020 MA Governor Charlie Baker declared a state of emergency for the Commonwealth of Massachusetts in response to the spread of the Coronavirus. The Governor’s administration offered guidance to the public to limit or eliminate attendance at large gatherings. As a result, several of AAFCPAs’ nonprofit clients have made the difficult decision […]
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