UFR Training and State Compliance

Overview

You could pay $0 for this course!

This 4 credit webinar focuses on the preparation of the Uniform Financial Statement. Changes to the 2025 Audit & Preparation Manual, including Chapter 257, and the accompanying Manual Addendum will be highlighted. The impact of 2025 childcare reporting changes will be discussed with a view to 2026 UFR preparation. We will discuss OSD’s response to the economic development bill Mass Leads: An Act Relative to Strengthening Massachusetts' Economic Leadership, signed into law on November 20, 2024 which raised financial statement review and audit thresholds from $200,000 to $500,000 for review and from $500,000 to $1,000,000 for audit.

 Topics include general Schedule B program definitions and types, specific program requirements, obsolete UFR lines and sections, specific line item usage, reporting contributions in programs, correlation of client revenue lines with program statistics, capital budget assets, salary limits, allocation of administration expense, required supplemental schedules, VendorWeb data, the Federal Funds Listing – contract numbers, MMARS and object codes, the use of pivot tables to generate UFR data your clients can understand, demonstration of an easy Excel method to check FTE data to spot unreasonable salaries and salaries reported below minimum wage, discussion of common errors and common but unnecessary reporting, and available analytical tools.

This course qualifies for reimbursement through the state’s Workforce Training Express Fund. Firms/companies with fewer than 50 staff can be reimbursed up to 100% of the cost of training and firms/companies with 50-100 employees can be reimbursed up to 50% of the cost of training. You must register for the course and apply for reimbursement through the Workforce Training Express Fund website a minimum of three weeks prior to the start of the course. The course code for this program is C-1725. To learn more, click here or contact Julia Ekelund at jekelund@masscpas.org.