Greetings from DCAMM Contractor Certification!
Proper Financial Statements are imperative to maintaining your DCAMM Certification. Failure to provide proper financials can result in delays to your certification renewal or a closure of your application file. Let’s talk about what we need to see in a proper financial statement.
Getting Down to Basics – What is Required?
For all three types of certifications – Prime, Small Prime, Filed Sub-Bidder – CPA prepared financial statements are required to be attached for all first time and renewal applicants. For Prime applicants the CPA prepared financial statements must be either Audited or Reviewed. For Small Prime and Filed Sub-Bidder Applicants the CPA prepared financial statements may be either Audited, Reviewed or Compiled.
Common Mistakes in Filing Financial Statements
One common mistake we see is that Financials Statements are not attached to the application at all. Submitting Tax Returns is not an acceptable alternative to providing CPA prepared Financial Statements. Failure to attach a financial statement will cause your application to be rejected and returned to you. If you are having issues obtaining your financial statements, you need to contact DCAMM in advance of filing your timely application. If at all possible, we will work with you, but it will depend on the expected receipt of the financial statement and the specific circumstances of your situation.
Another issue is attaching Financial Statements that are too old to be accepted. We ask that you supply your most recent year ending CPA prepared financial statement. We are aware it takes time to prepare financial statements and we do have a significant cushion built in where we will continue to accept the financial statement from your prior fiscal year if the statement for your most recently ended fiscal year is not yet complete. If you have questions on whether your financial statement is too old to be accepted, please contact DCAMM in advance of filing your application and we can review that for you.
Stay tuned for the next installment...
If you have any questions do not hesitate to contact Certification at 857-204-1305 or certification.DCAMM@mass.gov.
Join our Email List
Reminder: Applications are due 90 days prior to expiration for the current certificate