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Implications of FIN48 for Colleges, Universities and Foundations

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Nonprofit Tax Principal Richard J. Locastro reviewed the basic structure of FASB Interpretation FIN48, Accounting for Uncertainty in Income Taxes, which was released in July 2006 as an interpretation of FAS 109. Mr. Locastro discussed its application to tax-exempt organizations including:

  • Various tax positions of tax-exempt organizations
  • An evaluation of its organizational and operational structure for tax-exempt purposes
  • Unrelated business income
  • Jurisdictional issues – state filings
  • Jurisdictional issues – foreign

Also discussed were the role of counsel and privilege in preparation of FIN48 analysis and the impact on paid preparers. The presentation was hosted by the 17th Annual Tax Institute for Colleges and Universities in Indianapolis, Indiana.

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