Sunday, February 24, 2008
FASB issued a proposed Staff Position on February 22. The proposed FSP, FSP FAS 117-a, "would provide guidance on the net asset classification of donor-restricted endowment funds for a not-for-profit organization that is subject to an enacted version of the Uniform Prudent Management of Institutional Funds Act . . . . This proposed FSP also would improve disclosure about an organization's endowment (both donor-restricted and board-designated funds), whether or not the organization is subject to UPMIFA."
Comments on the proposed FSP are due by April 18, 2008.