WeVote
Log In

Bill

Bill

HD 5345

A communication from the Massachusetts Technology Development Corporation (Mass Ventures) (see Section 6 of Chapter 40G of the General Laws) submitting financial statements for fiscal year 2025

194th Legislature (2025-2026)

MassVentures must submit its audited 2025 and 2024 financial statements, auditor’s report, MD&A, notes, and cash flow details to the Legislature for transparency.

Placed on file
0
WeVote Research Nonpartisan
Bill Summary · HD 5345

Summary of Bill HD 5345 (Massachusetts)

Overview and purpose

  • Purpose: A communication from the Massachusetts Technology Development Corporation (MassVentures) submitting its annual financial statements for fiscal years 2025 and 2024 to the Massachusetts Legislature, as required by Section 6 of Chapter 40G of the General Laws.
  • Status: Placed on file (no further action at this time).
  • Introduced: November 20, 2025.
  • Context: This is a housekeeping/oversight filing intended to provide transparent financial reporting from MassVentures to the Commonwealth.

What the bill would require

  • MassVentures must present its financial statements for the years ended June 30, 2025, and June 30, 2024, along with the independent auditor’s report.
  • The submission includes the full set of financial statements, the notes to the statements, and the management’s discussion and analysis (MD&A).
  • The MD&A is noted as unaudited; the financial statements themselves are prepared in accordance with U.S. GAAP and audited.

Contents of the submitted materials

  • Independent Auditor’s Report
    • Opinion: The statements fairly present the financial position, changes in net position, and cash flows for 2025 and 2024, in conformity with GAAP.
    • Basis for Opinion: Auditor performed in accordance with GAAP; independence and ethical requirements described; going concern assessment included.
    • Prior-period opinion: 2024 statements were audited by different auditors with an unmodified opinion.
  • Management’s Discussion and Analysis (unaudited)
    • Management’s overview and analysis of the financial condition and operations for 2025 and 2024.
  • Financial Statements
    • Statements of Net Position
    • Statements of Revenues, Expenses, and Changes in Net Position
    • Statements of Cash Flows
  • Notes to the Financial Statements (12–24 pages)

Key parties affected

  • Primary: Massachusetts Technology Development Corporation d/b/a MassVentures (the issuing entity).
  • Secondary: Massachusetts Legislature and the public, which receive annual financial accountability and transparency regarding MassVentures’ finances and operations.

Procedural and timeline aspects

  • As a legislative communication under Chapter 40G, this bill does not appear to authorize funding or policy changes; it serves as a reporting and disclosure mechanism.
  • The auditor’s report is dated September 30, 2025.
  • Current status is “placed on file,” indicating the document has been submitted for legislative record but no further legislative action is anticipated at this time.

Potential impact

  • Enhances transparency and accountability of MassVentures’ use of resources and financial position.
  • Provides legislators and stakeholders with independently audited financial information and management analysis to inform oversight and decision-making.
  • Establishes a standardized, public record of MassVentures’ finances for the 2025 and 2024 fiscal years, consistent with statutory reporting requirements.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.