You don't have a default - so it could be working silently in the background.
I don't see anything straight off, but check things one line at a time. First check to make sure the insert to your forumhome template is working correctly. To do this put $newsflash in the template and then set it to a value straight out in the PHPINCLUDE_START template
PHP Code:
$newsflash = 'test';
If that works, put a value in your newsflash_all statement and check to make sure the eval statement syntax is correct.
(Note - if you have multiple styles it's important to put these templates into either one grand parent of all your styles or into each style individually - fetch template can't call up a template that doesn't exist in the current style).
If that works check your conditionals, one at a time, to insure they work.
If you have any other problems check with me.