Massachusetts to Issue Changes to Surplus Revenue Retention Regulations
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AAFCPAs is pleased to report that there will be changes to the Massachusetts regulations regarding Surplus Revenue Retention, which appear favorable to human & social service providers. The 20 percent lifetime cap on Surplus Revenue Retention will be eliminated. Additionally, the 5 percent annual cap on Surplus Revenue Retention will be changed to a 20 percent cap per year. The changes will go into effect at the beginning of the 2017 fiscal year.
These changes affect nonprofits who file the UFR, especially those who may be bumping up against or exceeding the current caps. AAFCPAs advises our clients to now evaluate how these changes may impact your current and future predicted positions.
If you have any questions, please contact your AAFCPAs Partner, or you may contact Robin Kelley at 774.512.4011, rkelley@nullaafcpa.com
Robin brings a wealth of experience to AAFCPAs’ clients in the areas of System & Organization Control (SOC) Reporting, Agreed-Upon Procedures, and special attestations.
Robin has specialized expertise performing quality control reviews of user entity SOC reports, including SOC 1 (SSAE 18), SOC 2, SOC 2+ and 3 attestation reporting. She has extensive experience developing SOC reports for service organizations and has a deep understanding of internal controls from a design, implementation, and testing perspective. This allows …
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