Matthew McGinnis, CPA

Partner

Matt is a leader of AAFCPAs’ Community & Economic Development Practice, with extensive experience providing assurance, tax, and operational consulting solutions to community development corporations (CDCs), affordable housing and mixed-use real estate developers, and their lending institutions, including: community development finance institutions (CDFIs), and other specialized lending organizations. Matt advises clients on tax credit-based financing used widely in the community development industry, including: New Markets tax credits (NMTCs), Low-Income Housing tax credits (LIHTCs), federal and state Historic Rehabilitation tax credits (HTCs), Renewable Energy tax credits, and projects that combine tax credits with various levels of debt and rental assistance subsidies. He provides guidance throughout a project’s life cycle from deal structuring, to tax credit compliance, and assisting with investor exits. His unique perspective helps clients to fully understand the intricacies and economics of both sides of a financing deal.

Matt is also a leader in AAFCPAs Charter School Practice, providing proven solutions for charter schools and Charter Management Organizations (CMOs). He is intimately familiar with best practices in how charter schools and CMOs operate at every stage of development, whether in start-up, growth, or replication. He advises clients on real estate activity, audit readiness, implementation of regulatory changes, and performance enhancement opportunities, including: business process improvement, fraud prevention, expansion feasibility, and cash flow analysis. He advises Charter School clients on specialized tax-exempt bond financing and various other tax credit driven programs, such as: Qualified Zone Academy Bonds (QZABs), Qualified School Construction Bonds (QSCBs), and other financing programs to assist with campus expansion.

Whether leading local, regional, or national assurance engagements, Matt provides meaningful financial management advice and best practice recommendations which reduce risks associated with complex state and federal government requirements and ensure internal controls are effective.

Education

Northeastern University – Master of Science, Accounting
Assumption College – Bachelor of Science, Accounting

Service

Teaching and Learning Alliance, Inc., Board Member

Contributed Insights

Historic Tax Credit: Changes Proposed to Make it More Accessible, Attractive

On March 2, 2023, Senators Cardin (Maryland), Cassidy (Louisiana), Cantwell (Washington), and Collins (Maine) reintroduced the Historic Tax Credit Growth and Opportunity Act (HTC-GO). This legislation was originally proposed back in 2021. HTC-GO has many beneficial proposed changes to the current historic tax credit program. The four proposed permanent provisions are: 30% tax credit increased […]

Guidance: CECL Standard for CDFIs

The long-awaited Current Expected Credit Losses (CECL) Standard, Accounting Standards Update 2016-13 – Financial Instruments-Credit Losses (Topic 326) will be effective for nonpublic business entities and not-for-profit entities for fiscal years beginning after December 15, 2022. This means CECL will be effective for the calendar year 2023 reporting period and fiscal year 2024 for off-year […]

Affordable Housing Sponsors Approaching LIHTC Property Transitions

The Low-Income Housing Tax Credit (LIHTC) program, enacted in 1987, has been paramount for financing the construction and rehabilitation of properties in low-income communities. The credits are claimed by the investor over a period of 10 years, with a 15-year Federal compliance period. Additionally, there is an overall 30-year restricted use-period with the state housing […]