Massachusetts Attorney General: Summary of Public Charities Financial Integrity Legislation

Massachusetts Attorney General: Summary of Public Charities Financial Integrity Legislation: "Summary of Public Charities Financial Integrity Legislation

The legislation proposed by the Attorney General, entitled An Act to Promote the Financial Integrity of Public Charities, includes the following main changes to existing law:

* Board leaders and officers of charities must verify that boards have reviewed and accepted the financial filings submitted to the Division of Public Charities, including any audits that a charity may be required to perform and file.
* Charities with revenues over $500,000 or with $5 million in assets must provide audits and those charities must have audit committees. There are certain requirements for those audit committees, including that a majority be board members and that the members be independent. Charities that are part of a system (e.g., a healthcare system) may have a single audit committee."