Audit Updates
403(b) Plans - 12/09
New audit requirements for ERISA-covered 403(b) plans become effective for plan years beginning in 2009. The Department of Labor has issued regulations that eliminated the previous exemption granted to 403(b) plans from the Form 5500 reporting requirements. The removal of the exemption subjects ERISA-covered 403(b) plans to the same Form 5500 reporting and audit requirements ...
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Enhanced Disclosures for Endowment Funds - 12/09
Effective for the fiscal year ending June 30, 2009, the Financial Accounting Standards Board Staff Position 117-1 will require not-for-profit organizations, whether or not it is subject to an enacted version of the Uniform Prudent Management of Institutional Funds Act (UPMIFA), to disclose additional information including information ...
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Revisions to Form 990 - 12/09
As reported by the Internal Revenue Service, the Form 990 has been redesigned effective for 2008 tax years (returns filed in 2009 and later). The new 2008 Form 990 consists of an 11-page, 11-part core form that is required to be completed by all organizations that file the form, and schedules to be completed by ...
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Uniform Prudent Management of Institutional Funds Act - 12/09
On July 2, 2009, the Uniform Prudent Management of Institutional Funds Act (UPMIFA) was signed into law in Massachusetts. The new law replaces the previous law, the Uniform Management of Institutional funds Act (UMIFA), and shall apply to institutional funds existing on or established after June 30, 2009. As applied to institutional funds existing on June 30, 2009, the new law shall govern only ...
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