FY2023 Financial Statements

Description

Massachusetts Development Finance Agency (A Component Unit of the Commonwealth of Massachusetts) Financial Statements issued in accordance with Government Auditing Standards Fiscal Year ended June 30, 2023 Massachusetts Development Finance Agency (A Component Unit of the Commonwealth of Massachusetts) June 30, 2023 Page(s) Independent Auditor’s Report………………………………………………….…………….……....1-3 Management’s Discussion and Analysis (unaudited)…………………………………….…….…..4-17 Financial Statements Statement of Net Position…………..…………………….……………………………………….…......18 Statement of Revenues, Expenses and Changes in Net Position...….……………………..……….....…19 Statement of Cash Flows………..…………………………..….….…………………………...…….20-21 Statement of Fiduciary Net Position……...…….……………………………………………………..…22 Statement of Changes in Fiduciary Net Position………………………………………………………...23 Notes to the Financial Statements…………………..………………………………………………..24-67 Other Information Schedules of Departmental Net Position and Schedules of Departmental Revenues, Expenses and Changes in Net Position as of June 30, 2023………………..……………………..……….……….68 Independent Auditor’s Report Board Members Massachusetts Development Finance Agency Report on the Audit of the Financial Statements Qualified and Unmodified Opinions We have audited the financial statements of the business-type activities and fiduciary activities of the Massachusetts Development Finance Agency (the Agency), a component unit of the Commonwealth of Massachusetts, as of and for the year ended June 30, 2023, and the related notes to the financial statements, which collectively comprise the Agency’s basic financial statements as listed in the table of contents. Qualified Opinion on the Business-Type Activities In our opinion, except for the effects of the matter described in the Basis for Qualified and Unmodified Opinions section of our report, the accompanying financial statements referred to above present fairly, in all material respects, the financial position of the business-type activities of the Agency, as of June 30, 2023, and the changes in financial position thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.