The Pension Protection Act signed by the President last August included some changes to reporting by exempt organizations which may have an impact on some parent groups. I haven't done a lot of research on it yet, but it seems like the two things that are most important are that exempt organizations grossing less than $25,000 in revenues will need to file some sort of a return or report (not necessarily a Form 990)starting in 2008, and receipt requirements for charitable contributions have been changed so that it might be in your best interest to give receipts out for pretty much any amount of charitable donation you receive (or at least any cash donations).
