When the Senate Finance Committee issued its outline for nonprofit reform in the summer of 2004, it became clear that the nonprofit sector would not escape the post-SOX era without significant legislative reform. There is no hotter topic in the nonprofit arena right now than the legislation introduced and proposed as a result of the Senate Finance Committee's report and its hearings in 2005. It is also becoming apparent that the next emerging trend for nonprofits, following close on the heels of governance reforms, is the expectation and requirement of additional non profit transparency in some cases as a substitute for and in others in addition to more direct government regulation of nonprofit activities. In this session, a panel of key experts from Congressional staff and the Internal Revenue Service will respond to questions on the current and proposed federal legislation as such legislation exists at the time of the conference with a focus on transparency issues.