Sunday, February 24, 2008

FASB issues new Staff Position on Accounting for Endowment Funds

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.

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http://lawprofessors.typepad.com/nonprofit/2008/02/fasb-issues-new.html

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