Print Friendly, PDF & Email


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 in which your organization owns real or personal property.  A copy of your most recently... continue reading

Year in review: The Top 10 Insights from 2018

Year in review: The Top 10 Insights from 2018

2018 was a big year for finance professionals, with monumental changes in tax code & accounting rules, and other significant challenges & opportunities affecting commercial businesses, nonprofits, and individuals & their families.  Below are AAFCPAs’ most widely-read news alerts & insights in the past year: AAFCPAs’ 2018-2019 Tax Planning Guide for Businesses & Individuals Financial and Estate Planning Opportunities Related to the New Tax Law Whitepaper: Guidance on the New... continue reading

FASB Issues ASU 2018-17: Targeted Improvements to Related Party Guidance for Variable Interest Entities

AAFCPAs would like to make clients aware that the Financial Accounting Standards Board (FASB) on October 31, 2018, issued an Accounting Standards Update (ASU) that reduces the cost and complexity of financial reporting associated with consolidation of variable interest entities (VIEs). A VIE is an organization in which consolidation is not based on a majority of voting rights. The new guidance, based on recommendations from the Private Company Council (PCC),... continue reading

Educational Podcast: CFO Survey Report: Behind Every Thriving Organization is a High-Functioning CFO

Educational Podcast: CFO Survey Report: Behind Every Thriving Organization is a High-Functioning CFO

AAFCPAs, in collaboration with The Boston Chapter of Financial Executives International (FEI-Boston), conducted a survey of over 250 Chief Financial Officers in an effort to capture what issues are currently ‘top of mind’ for senior financial executives in the Northeast region of the United States. We asked CFOs to provide their thoughts, opinions, and experiences in an effort to glean insight into how the role may be evolving, and why.... continue reading

Educational Podcast: Keynote Marylou Sudders

Educational Podcast: Keynote Marylou Sudders

Marylou Sudders leads the largest executive agency in state government, overseeing a $22 billion state budget, twelve agencies and 22,000 public servants. EOHHS services directly touch the lives of slightly more than 1 in 4 residents of the Commonwealth. Sudders’ responsibilities include the state’s MassHealth (Medicaid) program that provides health coverage to 1.9 million low income or disabled residents, chairing the board of the state’s health care marketplace (The Connector),... continue reading

Educational Podcast: How to Right-Size Your Finance Function

Educational Podcast: How to Right-Size Your Finance Function

Over one third of CFOs surveyed report human resource limitations and team bandwidth as the PRIMARY challenge in meeting the expectations of their CEO. Nonprofit finance departments are often juggling the day-to-day accounting and bookkeeping responsibilities alongside more complex and time consuming tasks, such as: HR-related activities; optimizing revenue; mergers & collaborations; data & cyber security; managing the IT investment decision-making process; business process improvements; implementing new accounting standards; and... continue reading

Educational Podcast: Cybersecurity in 2018

Educational Podcast: Cybersecurity in 2018

Techniques of cyber-criminals continue to evolve. A recent study shared by InfoSecurity Magazine reports “Cyber-criminals have adopted an organizational shift in how they carry out their work, implementing corporate best practices and establishing professional businesses to increase the efficiency of their attacks against enterprises and consumers.” This means advanced persistent threats specifically targeted at your organization and employees. AAFCPAs presented this important, and informative session again this year, recognizing that IT security... continue reading

Educational Podcast: Unraveling the Mysteries of Employee Benefit Plan Costs

Clients often ask “How much does my employee benefit plan cost, and how do costs relate to compliance and risks?” Plan costs are often buried and difficult for plan sponsors to truly figure out. In order to meet their fiduciary responsibilities, plan sponsors must ensure they “pay only reasonable plan expenses…” among other things. Plan sponsors take on substantial personal risks. As a decision-maker, you are a fiduciary, personally liable... continue reading

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 is effective for fiscal years beginning after December 15, 2017 (CY 2018 or FY 2019).... continue reading

Investment Return Considerations for Nonprofits Implementing the New Financial Statement Presentation Framework

Investment Return 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 is effective for fiscal years beginning after December 15, 2017 (CY 2018 or FY... continue reading