Bill > H466

This bill amends Section 8F of Chapter 12 of the General Laws in Massachusetts, which relates to annual reports of public charities. The key provisions are: 1. Increasing the revenue threshold for when a public charity must submit an audited financial statement from $200,000 to $500,000. 2. Specifying that public charities with revenue between $500,000 and $3,000,000 must submit a reviewed financial statement (rather than an audited one). 3. Replacing the term "audited" with "reviewed" in several instances to align with the new requirements. 4. Increasing the revenue threshold for when a public charity must submit an audited financial statement from $500,000 to $3,000,000. Overall, this bill aims to adjust the financial reporting requirements for public charities in Massachusetts, providing more flexibility for smaller organizations while still ensuring appropriate oversight.

Labor and Employment

https://malegislature.gov/Bills/192/H466