Jeff Chin

Massachusetts Governor Maura Healey signed a new bill into law yesterday, An Act Relative to Strengthening Massachusetts' Economic Leadership ("The Mass Leads Act"), that will have an impact on not-for-profit organizations across the Commonwealth. 💵 The state audit and review requirements for not-for-profits have increased for the first time since 2008. This will reduce the financial burden for small organizations with limited revenues. ✅ Audited financial statements will be needed when gross support and revenue exceeds $1,000,000 (previously $500,000). ✅ Reviewed financial statements will be needed when gross support and revenue exceeds $500,000 (previously $200,000). 💵 Massachusetts not-for-profit organizations are now allowed to receive a stipend of up to $500 without losing personals civil liability protection provided by statute. This aims to help disparities among nonprofit board representation.

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For future budget considerations...

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Earn AICPA's Personal Financial Specialist (PFS) Credential Demonstrate the tax knowledge and business acumen of a CPA combined with personal financial planning by becoming a CPA/PFS credential holder. https://lnkd.in/dUiSHd4

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Earn AICPA's Personal Financial Specialist (PFS) Credential Demonstrate the tax knowledge and business acumen of a CPA combined with personal financial planning by becoming a CPA/PFS credential holder. https://lnkd.in/dUiSHd4

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Earn AICPA's Personal Financial Specialist (PFS) Credential Demonstrate the tax knowledge and business acumen of a CPA combined with personal financial planning by becoming a CPA/PFS credential holder. https://lnkd.in/dUiSHd4

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Earn AICPA's Personal Financial Specialist (PFS) Credential Demonstrate the tax knowledge and business acumen of a CPA combined with personal financial planning by becoming a CPA/PFS credential holder. https://lnkd.in/dUiSHd4

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Earn AICPA's Personal Financial Specialist (PFS) Credential Demonstrate the tax knowledge and business acumen of a CPA combined with personal financial planning by becoming a CPA/PFS credential holder. https://lnkd.in/dUiSHd4

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Earn AICPA's Personal Financial Specialist (PFS) Credential Demonstrate the tax knowledge and business acumen of a CPA combined with personal financial planning by becoming a CPA/PFS credential holder. https://lnkd.in/dUiSHd4

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Earn AICPA's Personal Financial Specialist (PFS) Credential Demonstrate the tax knowledge and business acumen of a CPA combined with personal financial planning by becoming a CPA/PFS credential holder. https://lnkd.in/dUiSHd4

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