Nonprofit Organization Updates
On June 20, 2019, the House of Representatives Committee on Ways and Means passed the Economic Mobility Act of 2019 (EMA), which among many other things includes a provision to roll back the unrelated business income tax on nonprofits for transportation benefits provided to their employees.
The Operations Services Division (OSD) of the Commonwealth of Massachusetts has recently released the FY2019 UFR Audit and Preparation Manual. Included in the Manual are changes from last year’s UFR template that Nonprofit Organizations should review and incorporate into their current year filing. One of the major changes was an update to the UFR excel template to conform to Accounting Standards Update (ASU) 2016-14, Not-For-Profit Entities (Topic 958)-Presentation of Financial Statements for Not-for-Profit Entities, which among other things eliminated the three net asset classes (unrestricted, temporarily restricted and permanently restricted) and replaced them with net assets with donor restrictions and net assets without donor restrictions.
Nonprofit Organization Deadlines
- December 31 year end
- Form 990 and PC
- Due May 15
- Massachusetts Uniform Financial Report (UFR)
- Due May 15
- 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
- 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
- September 30 fiscal year end
- Form 990 and PC
- Due February 15
- Massachusetts Uniform Financial Report (UFR)
- Due February 15
- 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
