Thomas Muldoon, CPA, CGMA

Partner

Tom specializes in providing assurance, tax, and business consulting services to sophisticated nonprofit organizations, including: multi-service human & social service providers, early education and care (EEC) agencies, independent schools, special education schools, and higher education institutions. Tom specializes in audits in accordance with generally accepted auditing standards, Government Auditing Standards, Uniform Guidance and program-specific audits, as well as the Massachusetts Uniform Financial Report (UFR). Tom is a member of AAFCPAs’ Revenue Recognition Task Force, providing consulting solutions to clients for the efficient and effective implementation of the new ASU, including: assessing the impact of the new standards, and guidance throughout the transition process.

Tom serves as the firms’ designated audit partner with the AICPA’s Government Audit Quality Center. As such, Tom accepts firm-wide responsibility for the quality of AAFCPAs’ governmental audit and attestation practice. He keeps his finger on the pulse of recent developments and best practices in governmental auditing and helps to establish policies and procedures specific to the firm’s governmental audit practice to comply with all applicable professional standards and Center membership requirements.

Tom fully leverages all aspects of the assurance process to identify opportunities that add significant value and increase growth in revenue and profits. Tom advises clients in the areas of financial management policies & procedures, unrelated business income tax (UBIT) exposure, capital campaigns, operational budgeting and forecasting, revenue recognition, and implementing internal control structures with limited resources. In addition, many of AAFCPAs’ clients have large endowment portfolios and, as such, Tom has expertise in advising on educational asset & endowment management and alternative investments. He has been serving AAFCPAs’ clients since 2001.

Education

University of Massachusetts at Amherst – Bachelor of Science, Business Administration, Accounting

Service

Future Chefs – Finance Advisory Council
Project Bread, The Walk for Hunger – Volunteer
American Cancer Society – Volunteer
Massachusetts Society of CPAs – Nonprofit Accounting & Auditing Committee
Smaller Business Association of New England – Nonprofit Committee

Contributed Insights

Accounting Considerations for Nonprofits with Donor Advised Funds (DAF)

It has been reported recently that charitable giving had its largest decline since the 2008-2009 financial crisis, citing circumstances such as 2018 tax law changes as one reason for the decline. In a blog published in August 2019, AAFCPAs Wealth Management outlined charitable giving strategies donors should consider in order to maintain charitable goals while […]

AAFCPAs Shares Expertise at Providers’ Council Annual Conference

AAFCPAs will happily present educational workshops on two important topics at the Providers’ Council 44nd Annual Convention & Expo in Boston, MA on October 7th. Anticipate the Fraudster Auditors identify weaknesses in internal control procedures and make recommendations to management for enhanced controls to mitigate the opportunity for fraud. However, combatting fraud requires more than […]

OSD Provides Guidance for MA UFR Filers on Reimbursement of Nonprofit Transportation Tax

AAFCPAs would like to make clients who file a Massachusetts UFR aware that we sought and received guidance from the Massachusetts Operational Services Division (OSD) regarding how unrelated business income tax (UBIT) associated with the provision of transportation benefits to employees would need to be treated for UFR reporting purposes. In response, OSD clarified that […]