Not-for-Profit: The New Form 990, FSP FAS 117-1, and 403(b)
9/24/2009
In this issue of the Not-for-Profit Industry Newsletter, you will read about:
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The New Form 990: Governance and Internal Controls Under the Microscope
The new Form 990, which hadn’t been revised since 1979, represents a major change in reporting. Many public charities are now wrestling with its broader disclosure requirements. Most agree that the most significant difference between the old and new forms can be found in the areas of governance and internal controls.
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FSP FAS 117-1 Addresses UPMIFA and Endowments
Effective with fiscal years ending after December 15, 2008 or fiscal year 2009, organizations must now comply with FASB Staff Position FAS 117-1, “Endowments of Not-for-Profit Organizations: Net Asset Classification of Funds Subject to an Enacted Version of the Uniform Prudent Management of Institutional Funds Act (UPMIFA), and Enhanced Disclosures for All Endowment Funds.”
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Preparing for the New 403(b) Plan Requirements
The new Form 5500 reporting requirement represents sweeping changes to the administration of 403(b) plans for not-for-profit organizations including government, healthcare, religious, and higher education entities, as well as certain tax-exempt associations.
To read the newsletter in its entirety, click here.