Massachusetts Society Of Certified Public Accountants Inc
- Assets
- $5.4m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 30
- Location
- Boston, MA
- Founding
- 06/1947
- Data as of
- 04/2023
- EIN
- 04-2055313
Organization Overview
Massachusetts Society Of Certified Public Accountants Inc is located in Boston, MA. The organization was established in 1947. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 04/2023, Massachusetts Society Of Certified Public Accountants Inc employed 30 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Massachusetts Society Of Certified Public Accountants Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 04/2023, Massachusetts Society Of Certified Public Accountants Inc generated $4.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $4.3m during the year ending 04/2023. While expenses have increased by 3.7% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROTECT, ENHANCE, AND PROMOTE THE VALUE OF BEING A CPA IN MASSACHUSETTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MASSACHUSETTS SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS, INC. ("SOCIETY") IS THE STATE'S PREMIER PROFESSIONAL ORGANIZATION OF MORE THAN 11,000 CERTIFIED PUBLIC ACCOUNTANTS AND ACCOUNTING PROFESSIONALS. THE SOCIETY PROVIDES ITS MEMBERS WITH CUTTING EDGE AND UP TO DATE INFORMATION RELEVANT TO ITS MEMBERS THROUGH THE SOCIETY'S WEBSITE, A BI-MONTHLY MAGAZINE AND A TARGETED ELECTRONIC NEWSLETTER. IN ADDITION, THE SOCIETY OFFERS OPPORTUNITIES FOR PEER-TO-PEER REGIONAL NETWORKING THROUGH A SERIES OF ROUNDABLE AND MENTOR CIRCLES. THE SOCIETY HAS 18 COMMITTEES COVERING AREAS OF INTEREST TO THE MEMBERS. THE COMMITTEES, COMPRISED OF 1,310 MEMBERS, ADDRESS CURRENT TOPICS, CHALLENGES AND RELEVANT REGULATIONS. THE SOCIETY HOSTS 15 LIVE AND VIRTUAL NETWORKING EVENTS AND 5 ROUNDTABLE GROUPS, HOLDING 36 ROUNDTABLE EVENTS FOR MEMBERS IN FY23.
OTHER PROGRAMS COMPRISE THE LEGISLATION AND GOVERNMENT AFFAIRS PROGRAM.
THE SOCIETY'S PUBLIC AWARENESS PROGRAM SEEKS TO RAISE AWARENESS OF AND INTEREST IN ACCOUNTING AS A CAREER; INCREASE PUBLIC UNDERSTANDING OF CPAS AND THE SERVICES THEY PROVIDE; AND COMMUNICATE THE EXPERTISE AND VALUE ACCOUNTING PROFESSIONALS BRING TO THEIR CLIENTS, BUSINESSES AND THE COMMUNITIES IN WHICH THEY LIVE AND WORK. THE PROGRAM ALSO INCLUDES INITIATIVES TO RAISE AWARENESS OF THE SOCIETY AND ELEVATE THE POSITION OF ITS LEADERS WITHIN THE ACCOUNTING AND BUSINESS COMMUNITIES. THE IMAGE CAMPAIGN PROMOTES THE VALUE OF THE CPA DESIGNATION THROUGH DIFFERENT MEDIUMS IN AN EFFORT TO REACH THE GENERAL PUBLIC AND SMALL BUSINESSES THAT NEED CPA SERVICES. THIS INCLUDES SPONSORING PROFESSIONAL SERVICES SECTIONS WITHIN THE BOSTON BUSINESS JOURNAL, AS WELL AS PLACING PRINT ADVERTISING THAT ADVANCES THE IMAGE OF CPA'S AS VALUE-ADDED ADVISORS THAT CAN MAKE A SIGNIFICANT CONTRIBUTION TO THE SUCCESS OF OWNER-OPERATED BUSINESSES IN MASSACHUSETTS.
SINCE 1988, THE SOCIETY HAS ADMINISTERED THE AICPA'S PEER REVIEW PROGRAM. THIS PROGRAM HELPS FIRMS MEET THE LICENSING REQUIREMENT FOR THE STATE OF MASSACHUSETTS. THERE ARE APPROXIMATELY 577 FIRMS ENROLLED IN THE PROGRAM AND OVER 202 REVIEWS WERE ADMINISTERED IN 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen B Mcelroy Chair | OfficerTrustee | 1 | $0 |
Laura P O'brien Chair-Elect | OfficerTrustee | 1 | $0 |
Carol Ruiz Vice Chair | OfficerTrustee | 1 | $0 |
John D Geraci Vice-Chair Audit | OfficerTrustee | 1 | $0 |
Laura L Felice Vice Chair - Finance | OfficerTrustee | 1 | $0 |
Robert S Miller Immediate Past Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Imarc Website Hosting & Developer | 4/29/23 | $165,383 |
Ecratchit Inc Accting/cfo Services | 4/29/23 | $164,500 |
Envision Technology Advisors Llc It Services | 4/29/23 | $141,944 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $4,033,976 |
| Investment income | $97,565 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$24,238 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,107,303 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $26,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $641,374 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,158,155 |
| Pension plan accruals and contributions | $184,028 |
| Other employee benefits | $246,636 |
| Payroll taxes | $197,113 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,540 |
| Fees for services: Accounting | $196,648 |
| Fees for services: Lobbying | $41,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $14,329 |
| Fees for services: Other | $261,560 |
| Advertising and promotion | $62,586 |
| Office expenses | $233,803 |
| Information technology | $191,563 |
| Royalties | $0 |
| Occupancy | $130,804 |
| Travel | $66,953 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $136,064 |
| Interest | $1,288 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $141,311 |
| Insurance | $31,051 |
| All other expenses | $40,106 |
| Total functional expenses | $4,322,509 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $739,756 |
| Savings and temporary cash investments | $401,209 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $56,679 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $155,956 |
| Net Land, buildings, and equipment | $516,455 |
| Investments—publicly traded securities | $3,528,881 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $36,397 |
| Other assets | $0 |
| Total assets | $5,435,333 |
| Accounts payable and accrued expenses | $433,006 |
| Grants payable | $0 |
| Deferred revenue | $601,047 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $714,139 |
| Total liabilities | $1,748,192 |
| Net assets without donor restrictions | $3,687,141 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $5,435,333 |