Bill > H206

This bill amends Section 8F of Chapter 12 of the General Laws in Massachusetts, which relates to annual reporting requirements for public charities. The key provisions of the bill are: 1. Increasing the revenue threshold for requiring an audited financial statement from $200,000 to $500,000. 2. Limiting the requirement for an audited financial statement to charities with revenue exceeding $3 million, with charities below that threshold requiring a reviewed financial statement instead. 3. Replacing the requirement for "audited" financial statements with "reviewed" financial statements for certain charities. 4. Changing the language from "examined" to "reviewed" for certain reporting requirements. 5. Increasing the revenue threshold for requiring an audited financial statement from $500,000 to $3 million. Overall, the bill aims to reduce the reporting burden on smaller public charities by modifying the financial statement requirements while maintaining oversight for larger organizations.

Labor and Employment

https://malegislature.gov/Bills/190/H206