The Panel on the Nonprofit Sector, convened by the Independent Sector and comprised of leaders of various nonprofit organizations , issued an Interim Report to the U.S. Senate Finance Committee on March 1, 2005 calling upon the nation’s 1.3 million charities and foundations to implement a series of measures to improve their governance and financial disclosure.  The Panel’s Interim Report was drafted in response to the report, Options to Improve Tax Compliance and Reform Tax Expenditures, released earlier this year by the Joint Committee on Taxation.  These reports may have significant impact on the new legislation expected from the Senate Finance Committee later this year which some analysts predict will be the most significant overhaul of nonprofit regulations since 1969.