FASB issues 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, and Enhanced Disclosures for All Endowment Funds.

Form 990 Redesign for Tax Year 2008 (Filed in 2009)
On December 20, 2007, the IRS released a redesigned Form 990, Return of Organization Exempt from Income Tax, for tax year 2008 (to be filed in 2009 and later years).

Whistleblowing and Good Governance
Many professional organizations associated with universities, government entities, or nonprofit organizations have recognized certain mechanisms as a best practice and recommend that their constituents implement whistleblower polices.

New Report Documents Critical Role of Small and Midsized Manufacturers in Future of U.S. Economy
Our network affiliate RSM McGladrey, sponsored this probing report which concluded that the future of U.S. manufacturing depends primarily on the continued success of small and midsized manufacturers.

The Risk Assessment Suite of Auditing Standards
To further enhance audit quality, the AICPA Auditing Standards Board has approved a set of eight new Statements on Auditing Standards (SASs) - collectively referred to as the Risk Assessment Standards.  

An Introduction to 529 Plans
529 plans are being heralded as one of the best savings vehicles for education planning. This introduction offered by the Securities and Exchange Commission focuses on the fees associated with the Plans and much more.