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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 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:

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 […]

Non-Profits Eligible for ERTC, up to $19,000 per Employee

The Consolidated Appropriations Act, 2021, signed on December 27th, 2020, is expanding eligibility for the Employee Retention Tax Credit (ERTC) by allowing those who received Paycheck Protection Program (PPP) loans to qualify. Prior to December 27, 2020, PPP loan recipients could not also file for eligible tax credits. For nonprofits, the ERTC is taken against […]

AAFCPAs’ 2021 Nonprofit Educational Seminar

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 […]

MA Form 3ABC due by 3/1 to avoid local property taxes

MA Form 3ABC due by 3/1 to avoid local property taxes

The Massachusetts “Return of Property Held for Charitable Purposes” (Form 3ABC) provides for an exemption from local taxation on personal and real property for eligible charitable organizations. As a reminder, in order to be exempt, you must file an annual Form 3ABC, due at the Assessor’s Office no later than March 1, in each city or town […]

Nonprofit Executive Power Hour

AAFCPAs Partner Katie Belanger, CPA will offer her expertise in an educational webcast for nonprofit executives on December 8th to share ideas, thoughts, and cautions around a spectrum of administrative functions, including finance, technology, compliance, risk, insurance, and culture. Nonprofit executives have never faced as many challenges as they are right now, and their ability […]

Why Nonprofits are Outsourcing Accounting

Skilled accounting and finance talent is scarce and in high demand, especially for nonprofits who often struggle with expectations to keep “overhead” low.  These labor challenges are national and expected to intensify over time. Knowledge-intensive industries like financial and business services are expected to continue to be hit hard by the talent crunch. Nonprofits also […]

Nonprofit Organizations Now Eligible for the Main Street Lending Program

AAFCPAs would like to make nonprofit clients aware that the Federal Reserve announced changes to its Main Street Lending Program to “provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations.” Which Nonprofits Are Eligible? The Main Street Lending Program is now open to tax-exempt organizations established under […]

Charter Schools Connect: Managing the Remote Business Office

Charter Schools Connect: Managing the Remote Business Office

COVID-19 has challenged businesses to think about operations in a new way. In this 11-minute webcast, AAFCPAs’ Charter School Practice Leaders John Buckley, CPA, CGMA and Nichole Reilly, CPA, MBA share insights and best practice recommendations for Charter School clients about overcoming internal control and segregation of duties challenges for a remote business office. AAFCPAs […]