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Four Key Changes Related to UFR Reporting for FY 2014
Posted by Janet O'Neill on Thu, Aug 28, 2014 @ 08:48 AM

The Operational Services Division (OSD) has released the FY 2014 version of the Uniform Financial Statements and Independent Auditor's Report (UFR) Audit & Preparation Manual, Compliance Supplement and FY 2014 Excel UFR Template. The UFR eFile system allows human and social service contractors to electronically file their annual financial statements through the OSD eFiling website. The Massachusetts Executive Office for Administration and Finance (EOHHS) offers information about how to file electronically through its Uniform Financial Reports Resource Center.

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Topics: Janet O’Neill, OSD, UFR, Massachusetts Executive Office for Administration

Is Your Educational Institution in Compliance with Racially Nondiscriminatory Policy Requirements?
Posted by Brenda Booth on Wed, Aug 27, 2014 @ 03:02 PM

The IRS requires all tax-exempt private schools to have – and to publish – a racially nondiscriminatory policy that applies to all facets of student life, including admissions, financial aid, and all school programs. Failure of a school to maintain and comply with such a policy may mean revocation of tax-exempt status.

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Topics: Brenda Booth, tax-exempt, racial nondiscrimination policy, Revenue Procedure 75-50

Best Practices of Effective Audit Committees
Posted by Brendan Donovan on Fri, Aug 15, 2014 @ 09:08 AM

An effective audit committee can be your not-for-profit organization’s best friend, safeguarding its most valuable asset: its reputation. Audit committees are tasked with providing experience, oversight and direction. Well-run committees ensure that management implements and follows an effective system of internal controls, and that outside auditors objectively assess the organization’s financial reporting practices. Through these and related efforts, audit committees strengthen their organizations by protecting their integrity, financial health and long-term viability. 

As not-for-profits face increased scrutiny – from the IRS; local, state and federal government; and from donors – the pressure on today’s audit committees is extraordinary. Each member understands it is his or her responsibility not only to prepare accurate financial statements, demonstrate responsible financial management, maintain regulatory compliance and manage operating risks, but to protect the very essence of the organization.

Committee Composition 

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Topics: not-for-profit, audit, Brendan Donovan, Audit Committee

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