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Paresky Flitt helped two greater Boston area non-profit organizations save substantial money in accounting fees

Paresky Flitt & Company, LLP recently helped two non-profit organizations in the greater Boston area save substantial money in accounting fees by requesting a waiver of certain state filings.

The non-profits, based in Natick and Boston, both grew their revenue above thresholds which triggered a change in their reporting requirements. Massachusetts has a rule that any charitable organization whose gross revenue exceeds $500,000 must submit an audited financial statement. Organizations whose revenue is between $200,000 -$500,000 must submit a reviewed financial statement, a lower level of attestation.

What most non-profit organizations do not realize is that the first time they reach the $200,000 or $500,000 thresholds, the state may waive the requirement if the not-for-profit submits a waiver request in writing.

For each client we wrote a letter to the Attorney General’s office, explaining the situation along with some specific details about the organization’s financials and operations. The state waived the requirement for both organizations for that year.

The end result was both clients saved substantial accounting fees and are better prepared to budget for their accounting fees in the following year. Beware though, this is a one-time waiver. In future years, both organizations will need to submit the audited/reviewed financial statements.

 

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