10. New Accounting Pronouncements
In September 2006, the Financial Accounting Standards Board (“FASB”) released Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” ("SFAS 157") which provides enhanced guidance for using fair value to measure assets and liabilities and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact, if any, the adoption of SFAS 157 will have on the Foundation’s financial statements.
In June 2006 the FASB released interpretation No. 48, “Accounting for Uncertainty in Income Taxes, an interpretation of FASB Statement No. 109” (FIN 48). FIN 48 requires management to determine whether a tax position of the Organization is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes. FIN 48 was effective for fiscal years beginning after December 15, 2006. However, FSP FIN 48-2 issued in February 2008, deferred by one year FIN 48’s effective date for certain non public organizations such as the Foundation. Management is currently evaluating the impact, if any, the adoption of FIN 48 will have on the Foundation’s financial statements.