Human & Social Services
Nonprofit Challenges in Navigating Tax Issues
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 […]
UFR Insights: AAFCPAs Presents Webinar for Providers’ Council
AAFCPAs’ Human & Social Services practice leaders Katie Belanger, CPA and Thomas Perruna, MPAc have been invited to present on August 30, 2023 at 10 AM on the Commonwealth of Massachusetts’ Uniform Financial Statement (UFR) during an educational member’s only webinar hosted by the Providers’ Council. AAFCPAs contacts who are not members of the Providers’ […]
Review Occupancy, Cost Allocation Plans
The pandemic distancing and response requirements prompted many Human & Social Services provider organizations to reconfigure open space (such as conference & meeting rooms), in many cases resulting in more space being utilized directly in programs in furtherance of the mission. In many cases, these space management strategies have lasted beyond the pandemic, and AAFCPAs […]
Human & Social Services Pod End of Summer Get Together
Team members in AAFCPAs’ Human & Social Services Pod enjoyed an end of summer 2022 get together, hosted by partners Jeffrey Cicolini, Tom Muldoon, and Katie Belanger.
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 […]
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 […]
OSD Clarifies UFR Reporting of COVID-Related Funds
AAFCPAs recently received clarification for UFR filers related to reporting of certain COVID-related funding. (As a reminder, due to COVID-19, the Operational Service Division (OSD) granted a 30-day extension to the Uniform Financial Report (UFR) FY2021 filing deadline, now due December 15th. UFR filers are not required to file a request for this extension.) AAFCPAs […]
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
Pay for Success: a funding model with data at its core
There is at long last solid momentum gathering behind the pay-for-success (PFS) model of funding socially oriented projects and services: a shift in approach that emphasizes outcomes rather than activities. Through PFS contracts, the ecosystem of investors, government, and service providers is working together to create new opportunities and meet more impactful social goals. PFS […]