David Kelleher, CPA, CGMA

Partner

Dave provides audit, tax, and business advisory solutions to nonprofit organizations including independent and charter schools, early education and care (EEC) agencies, multi-service human and social services providers, and community development corporations. He helps nonprofit organizations navigate complex regulatory requirements including multi-state filings, related party transactions, and executive compensation disclosures in various federal and state tax filings. He also advises on state-specific filing requirements, such as the Massachusetts Uniform Financial Report (UFR), and funding source regulations.

With extensive experience in federal and state audits under Uniform Guidance/Single Audit and Government Auditing Standards, Dave helps nonprofits strengthen internal controls related to grant and contribution tracking, payments, budgeting, and information technology policies. He also provides guidance on how to present financial information effectively in audited financial statements and tax filings, ensuring stakeholder clarity. Dave helps businesses analyze financial and operational data uncovered during audits, leading to informed decision-making and improved performance. He has been serving AAFCPAs’ clients since 1997.

Education

University of Massachusetts at Dartmouth – Bachelor of Science, Accounting, cum laude

Service

Greater Lowell YMCA – Board Chair
University of Massachusetts Dartmouth’s Charlton College of Business – Accounting and Finance Department Advisory Council

Contributed Insights

New GASB Standards Affect Leave Accounting and Risk Disclosures

Governmental and quasi-governmental organizations, including charter schools, should begin preparing for two new standards issued by the Governmental Accounting Standards Board—GASB 101 and GASB 102. These statements, effective for fiscal year 2025 audits, introduce changes to how compensated absences are recorded and how certain risks must be disclosed. GASB 101: Compensated Absences GASB Statement No. […]

AAFCPAs Speaks on Navigating School Facilities Expansion

On December 11, 2024, AAFCPAs’ David Kelleher, CPA, CGMA, Partner spoke at the Association of Independent Schools New England’s (AISNE) virtual webinar, How Schools Confidently Navigate Facilities Expansion. This session featured insights for Heads, Assistant Heads, CFOs, COOs, advancement leads, and others involved in the financial planning of major facilities projects. Panelists explored the practicalities […]

Shift in EEC Funding Model Requires Business Process Assessment

Effective October 1, 2024, the Massachusetts Department of Early Education and Care (EEC) shifted its contract reimbursement from a primarily unit-rate model to a mix of unit-rate and cost-reimbursable contracts. Under the new contracts, childcare seats will be reimbursed on a unit-rate basis while administrative and supportive services will be funded through cost reimbursement contracts. […]