MA Charter School end of Year Financial Report Reminder

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AAFCPAs reminds Massachusetts charter school clients that the Charter School End of Year Financial Report (CSEOYFR) is due to Massachusetts Department of Elementary and Secondary Education (DESE) by December 1, 2021.

As auditors, it is our responsibility to follow the Massachusetts Charter School Audit guide as part of our audit procedures.  Historically, this guide has required us to review the financial information included in the CSEOYFR for accuracy and completeness, including Schedule 4 – Surplus Tuition, 20% Excess Carryover. This past year, as part of changes made to the Massachusetts Charter School Audit Guide, DESE now requires auditors to review the following pieces of the CSEOYFR to ensure there is factual data included:

  • Schedule 5 – Schedule B: Charter School Building Information
  • Schedule 7 – Audit Questionnaire

AAFCPAs advises clients to review these schedules carefully to ensure they comply with DESE requirements.

If you have questions, please contact Nichole Reilly, CPA, MBA, at nreilly@nullaafcpa.com, 774.512.4016, John Buckley, CPA, CGMA, at jbuckley@nullaafcpa.com, 774.512.4039; or your AAFCPAs Partner.


About the Authors

Nichole A. Reilly, CPA, MBA

Nichole is a leader in AAFCPAs’ Education Practice, where she specializes in advising charter schools, private schools, and other education-related nonprofits. She fully understands the nuances of the education industry and its business and operational challenges, including funding opportunities and regulatory issues. Nichole also possesses deep expertise in advising arts and cultural organizations, offering specialized guidance that enhances their financial resilience and strategic planning. Nichole’s active involvement with the MA Charter Public School Association showcases her …
John Buckley

John Buckley, CPA, CGMA

John is the leader of AAFCPAs’ Educational Services practice, serving diverse academic and education services clients spanning independent schools, colleges/universities, special education schools, education services, charter schools and charter management organizations (CMOs). He fully understand the nuances of the educational services industry and  business and operational challenges faced by these institutions, including funding and regulatory issues such as: capital campaign structures, complex endowments, alternative investments, debt financing and tax credit options, and unique governance concerns and …