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Nonprofit Financial Statement Project/ASU Update – FASB Announces Transition Method and Effective Dates

The Financial Accounting Standards Board (FASB) reached much anticipated decisions regarding the transition and effective date for its Nonprofit Financial Statements Project, as of their most recent Board Meeting (3/30/16).  The proposed Accounting Standards Update (ASU) would affect substantially all nonprofits as well as creditors, donors, grantors, and others that use their financial statements.  Details regarding the transition method and effective date are summarized below: Transition Method FASB decided that... continue reading

Amgen Issues Credit to 340B Covered Entities Due to Miscalculation of Drug Ceiling Price

AAFCPAs would like to make clients aware of potential credits owed to your organization as a result of a miscalculation of a drug ceiling price.  Recently, the drug manufacturer Amgen USA Inc. notified the Health Resources and Services Administration (HRSA) that the 340B ceiling price for multiple products had been calculated incorrectly and that credits may be owed to affected covered entities. Amgen stated that the ceiling price was improperly... continue reading

FASB Decisions Regarding NFP Financial Statements Project from March 2 Meeting

The Financial Accounting Standards Board (FASB) continued its Phase 1 deliberations at its March 2nd, 2016 Board Meeting on the proposed FASB Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities. Significant Decisions Made at the Board’s March 2016 Meeting: The proposed ASU would affect substantially all nonprofits as well as creditors, donors, grantors, and others that use their... continue reading

Extensions Apply for FQHCs as New Cost Report Form Still in Review with OMB

AAFCPAs would like to make clients aware that, as of March 11, 2016, the new Federally Qualified Health Centers (FQHCs) Cost Report Form 224-14 had not been finalized and is reportedly still in review by the Federal Office of Management and Budget (OMB).  It is reported that the Centers for Medicare & Medicaid Services (CMS) anticipate the release of final forms and instructions in the spring of 2016. Freestanding FQHCs... continue reading

Medicare PPS Base Rate for 2016

As a reminder, on January 1, 2016, Medicare increased the Prospective Payment System (PPS) base payment rate from $158.85 to $160.60. The PPS base payment rate is effective for the calendar year 2016 and reflects a 1.1% increase from the calendar year 2015 rate. The rate was updated to reflect inflation, and the increase is in accordance with the growth rate of the Medicare Economic Index (MEI). The geographic adjustment... continue reading

Nonprofits and the “Bucket system”: from cash management to investment returns

It can be tempting for nonprofits to focus solely on near-term strategy.  The grant environment is challenging, and competition for donor dollars has never been fiercer.  Keeping a plan on track that supports financial health is often a year-by-year exercise. That exercise, though, varies widely depending on how the organization brings in revenue. Those that receive significant funding in waves can take a different approach than those that are solely... continue reading

The MA Attorney General Launches Online Payment System (ePay) to Accept Fees from Charities

The Massachusetts Office of the Attorney General (AGO), Division of Public Charities office has announced the launch of its statewide, online payment system to accept annual filing fees from registered charities.  Any public charity that is registered with the AGO and has an Attorney General Number may now use the ePay site to remit their filing fee for Annual Filings. The online system will accept payment via electronic fund transfer... continue reading

AAFCPAs to Present Cost Report Training for MassLeague Members on 10/2

AAFCPAs Partner Matt Hutt, CPA, CGMA, and AAFCPAs Manager Courtney McFarland, CPA, in collaboration with the Massachusetts League of Community Health Centers, will present a Medicare and Medicaid Cost Report Training on October 2, 2015 from 9:00 am to 4:00 pm at the DoubleTree, Westborough, MA. Matt and Courtney will provide guidance and best practices in implementing significant changes ​made ​to Federally Qualified Health Center (FQHC) ​Medicare ​and Medicaid Cost... continue reading

Are you ready for ICD-10?

What is ICD? The International Classification of Diseases (ICD) is the standard diagnostic tool for epidemiology, health management and clinical purposes.  ICD is used by physicians, nurses, other providers, researchers, health information managers and coders, health information technology workers, policy-makers, insurers and patient organizations to classify diseases and other health problems. ICD, published by the World Health Organization (WHO), includes unique alphanumeric codes to identify known diseases and other health... continue reading

Grants Available for Integration of Behavioral Health and Primary Care

The Blue Cross Blue Shield of Massachusetts (BCBSMA) Foundation’s Fostering Effective Integration of Behavioral Health and Primary Care grant initiative may be a potentially valuable opportunity for your business or someone you know.  BCBSMA is now accepting Letters of Inquiry (LOI) for the 2015-2018 funding year, due July 29, 2015. BCBSMA is focused on ensuring that low-income and vulnerable patients have access to integrated behavioral health and primary care services.   The... continue reading