The Financial Accounting Standards Board (FASB) issued an update on January 17, 2008 related to a not-for-profit Endowment Project that it has undertaken. When completed, the FASB expects to issue a FASB Staff Position (FSP) with guidance concerning the potential effect of the adoption of the Uniform Prudent Management of Institutional Funds Act of 2006 (UPMIFA) on the classification of net assets related to donor –restricted endowment funds.

By: James G. Kennedy, CPA