FY2025 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, 2025 Massachusetts Development Finance Agency (A Component Unit of the Commonwealth of Massachusetts) June 30, 2025 Page(s) Independent Auditor’s Report………………………………………………….…………….……....1-3 Management’s Discussion and Analysis (unaudited)…………………………………….…….…..4-11 Financial Statements Statement of Net Position…………..…………………….……………………………………….…......12 Statement of Revenues, Expenses and Changes in Net Position...….……………………..……….....…13 Statement of Cash Flows………..…………………………..….….…………………………...…….14-15 Statement of Fiduciary Net Position……...…….……………………………………………………..…16 Statement of Changes in Fiduciary Net Position………………………………………………………...17 Notes to the Financial Statements…………………..………………………………………………..18-64 Required Supplementary Information Schedule of Special Funding Amounts of the Net Pension Lability – Massachusetts State Employees’ Retirement System – Last Ten Fiscal years ………………..……………………………..…….……….65 Other Information Schedules of Departmental Net Position and Schedules of Departmental Revenues, Expenses and Changes in Net Position as of June 30, 2025………………..……………………..……….……….66 CliftonLarsonAllen LLP CLAconnect.com INDEPENDENT AUDITORS’ REPORT Board of Directors Massachusetts Development Finance Agency Boston, Massachusetts Report on the Audit of the Financial Statements Opinions We have audited the accompanying 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, 2025, and the related notes to the financial statements, which collectively comprise the Agency’s basic financial statements as listed in the table of contents. In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the business-type activities and fiduciary activities of the Agency as of June 30, 2025, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.