BuddyPress.org

for the whats new text u can try,

<?php if (is_user_logged_in() ) { //only logged in user can view this ?>

//place content here

<?php } ?>

u can use that to show something only to logged in users and:

<?php if (!is_user_logged_in() ) { //only non-logged in user can view this ?>

//place content here

<?php } ?>

to show something only to users who are not logged in

if u are using a text widget try use the widget logic plugin also