Nonprofit Organization Updates
You may know the difference between nonprofit and for-profit accounting systems, but do your newest employees and board members? Not-for-profits and businesses share certain similarities. For example, both must carefully track transactions and produce accurate, timely financial statements. But there are enough differences between the two that you may want to provide training for new board members and staffers who come from corporate backgrounds. READ MORE >
Increase in Audit and Review Thresholds
The Massachusetts Governor signed the Economic Development Bill into law in November 2024. The Economic Development Bill included a provision to increase the financial statement review and audit thresholds for nonprofits. The threshold is based on an organization’s total support and revenue. The new thresholds are as follows:
- Financial Statement Review – Increased to $500,000
- Financial Statement Audit – Increased to $1 Million
The new thresholds will go into effect 90 days after the bill was signed. This increase is expected to provide financial and administrative relief on small and mid-sized non-profits.
Please contact one of our professionals if you have any questions or would like to discuss the new thresholds and any impact to your organization.
Nonprofit Organization Deadlines
- December 31 year end
- Form 990 and PC
- Due May 15
- Massachusetts Uniform Financial Report (UFR)
- Due May 15 (Automatic 30 day extension for FY2021)
- Data Collection Form
- Due the earlier of 30 days after your auditors’ report is issued or 9 months after your fiscal year end
- Form 990 and PC
- June 30 fiscal year end
- Form 990 and PC
- Due November 15
- Massachusetts Uniform Financial Report (UFR)
- Due November 15 (Automatic 30 day extension for FY2021)
- Data Collection Form
- Due the earlier of 30 days after your auditors’ report is issued or 9 months after your fiscal year end (see Note below regard 2022 filings)
- Form 990 and PC
- September 30 fiscal year end
- Form 990 and PC
- Due February 15
- Massachusetts Uniform Financial Report (UFR)
- Due February 15 (Automatic 30 day extension for FY2021)
- Data Collection Form
- Due the earlier of 30 days after your auditors’ report is issued or 9 months after your fiscal year end (see Note below regard 2022 filings)
- Form 990 and PC
Note: the 2022 Data Collection Form for fiscal year ends between January 1, 2022 and October 31, 2023 are due nine months after year end.