Norwalk, Conn. (May 29, 2002) -- The Governmental Accounting Standards Board has issued a new standard on accounting for organizations that are closely related to a primary government.

Statement No. 39, Determining Whether Certain Organizations Are Component Units, provides criteria for determining whether organizations, such as not-for-profit foundations related to public universities and school districts, should be reported as component units based on the nature and significance of their relationship with a state or local government. The statement amends Statement 14. Copies of Statement 39 can be found online at www.gasb.org.

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