In Massachusetts, non-profit organizations receiving funds under purchase of service contracts as defined by the Massachusetts Operational Services Uniform Financial Report Division (OSD) are required to file an annual Uniform Financial Report (UFR). The UFR reports an organization’s financial information at a significant level of detail and is used by OSD and the funding agency to determine if any contracts have been overbilled or if excess annual and cumulative surpluses have been generated. Additionally as part of the UFR requirements, contract activities are required to be reviewed for any significant noncompliance.
Daniel Dennis & Company LLP assists numerous organizations in meeting their audit and reporting requirements for the UFR. We have developed a tailored approach to performing these compliance audits in an efficient and timely matter. Daniel Dennis & Company LLP has worked with clients to generate reports directly from their accounting systems to alleviate the efforts in preparing the UFR template and we work with our clients to review the UFR before it is filed to ensure it encompasses all of the state requirements. We also assist our clients in navigating through the specific state requirements as it relates to surplus cash issues and the steps to take if such an issue arises.
Please contact one of our professionals to find out more on how Daniel Dennis & Company LLP can help you meet your requirements for the UFR.