Understanding the Massachusetts Uniform Financial Report (UFR)
If your organization provides human or social services in Massachusetts and receives funding through purchase of service contracts, you'll need to file an annual Uniform Financial Report (UFR). This report is more than just a financial statement—it provides a detailed look at your organization's finances to ensure transparency and accountability.
The Massachusetts Operational Services Division (OSD) and funding agencies use the UFR to review whether contracts have been billed correctly and if an organization has generated excessive surpluses. Additionally, the UFR process helps identify potential compliance issues in contract activities.
In short, filing the UFR isn't just about meeting a requirement—it's a crucial step in maintaining trust with funders and ensuring that public resources are used responsibly to support the communities you serve.
How KVR Can Help With Your UFR
We help organizations meet their audit and reporting requirements for the Uniform Financial Report (UFR) with ease and confidence. Our team has developed a tailored approach to conducting these compliance audits efficiently and on time. We work closely with our clients to generate reports directly from their accounting systems, reducing the burden of manually preparing the UFR template.
Before submission, we carefully review the UFR to ensure accuracy and compliance. Additionally, we guide our clients through specific state requirements, including navigating surplus cash issues and the necessary steps to address them when they arise. Our goal is to make the UFR process as seamless and stress-free as possible.
Our Service Guarantee
If there are any issues with the UFR that we have filed we will correct them within 24-48 hours, with no charge to you.
Key Components of the UFR
- Program-specific financial reports
- Audited financial statements
- Reconciliation of financial statements to UFR
- Supplemental information schedules
- Management representation letter
Filing Deadlines
Organizations must submit their UFR within 15 days of receiving their audit report or 5 months after their fiscal year-end, whichever comes first.
Contact Us
If you need assistance with your Massachusetts UFR, contact our team today. We have extensive experience helping organizations navigate the complexities of the UFR process and can provide personalized guidance for your specific situation.