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.
For your convenience we have highlighted some of the other changes below but you may also find the detailed Manual and notification of the changes at OSD’s website https://www.mass.gov/service-details/information-and-resources-on-the-uniform-financial-reports.