The Commonwealth of Massachusetts amended the surplus revenue retention regulations. The amendment eliminates the cumulative limits on surplus revenue retention and increases the annual limit on surplus revenue retention from 5% to 20%. The amendment is effective for fiscal year 2016 UFR filings.
The amendment is to the Commonwealth of Massachusetts’ regulation 808 CMR1.00 Compliance, Reporting and Auditing for Human and Social Services. OSD has indicated that it will automatically issue wavers for the surplus regulation over the 5% and 20% cumulative threshold for fiscal year 2016 only.
For more information, please contact one of our professionals.