By Peggy M. Jackson
Is your nonprofit association prepared for elevated scrutiny, reporting requisites, laws, and elevated expectancies from donors? this mixture reference/workbook prepares you and exhibits you the way Sarbanes-Oxley top practices can profit your company. It contains: * A established description of Sarbanes-Oxley and its implications for nonprofits * targeted discussions on governance, together with monetary literacy for board contributors, new criteria of responsibility for forums, and most sensible practices for nonprofit administration * pattern records, techniques, and frameworks that can assist you enforce most sensible practices * Worksheets, types, and source fabrics in every one bankruptcy * A "walk-through" of usual monetary statements and pattern records corresponding to a clash of curiosity coverage, board orientation curriculum, a Whistleblower safeguard coverage, a rfile maintenance coverage, and a fundraising plan.
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Extra info for Sarbanes-Oxley and nonprofit management: skills, techniques, methods
Pressure for Enhanced Nonprofit Regulation If the nonprofit sector wants to obtain its current level of relative self-regulation, nonprofit leaders need to make a visible effort to improve organizational governance and accountability. If this does not occur, nonprofits may come under additional unwanted regulation by the government. Some members of Congress and state attorney generals have already suggested that additional provisions of SOX should be applied to nonprofits, the State of California recently passed legislation that imposes many SOX-like provisions on California nonprofits, the IRS has suggested several proposals for increased oversight and enforcement, and some nonprofit groups are developing their own set of regulatory proposals.
In 2001, Enron reported that it had failed to follow GAAP in its financial statements for 1997 through 2001 by excluding these unprofitable transactions. In these erroneous financial statements, the organization reported large profits when, in fact, it had lost a total of $586 million during those years. Neither internal nor external controls detected the financial losses disguised as profits. The revelation of the erroneous financial reporting led to a collapse in the price of Enron stock. The price of Enron stock fell from $83 per share in December 2000 to less than $1 per share in December 2001.
The new law fairly breaks into two subjects—financial reporting and governance, and charitable fundraising regulation. Some of the key provisions of the act are: For nonprofits with gross revenues of $2 million or more, the nonprofit must: • Conduct an external annual audit of financial statements, using GAAP • Have an independent auditor • Make public disclosure of audited financial statements • Board of directors must establish an audit committee • Board of directors must review and approve the compensation of the CEO and CFO For all nonprofits, regardless of size, which are registered with the Attorney General, the nonprofit must: • Make public disclosure of financial statements if they are audited • Register with the Registry of Charitable Trusts within 30 days, changed from 6 months • Provide notice to the Attorney General of commencement of any solicitation by a commercial fundraiser ten days before the start of the campaign • Have all contracts with commercial fundraisers signed by an official of the nonprofit and contain a “boilerplate” of provisions 24 Chapter 1 Background of the Sarbanes-Oxley Act of 2002 • Exert control over and assume responsibility for all fundraising activities • Void contracts with commercial fundraisers who have not registered with the Attorney General’s Registry of Charitable Trusts • Cancel contracts with commercial fundraisers without liability if the fundraisers make material misrepresentations during solicitation, or are found to have been convicted of a crime arising from fundraising activities Commissioner of the Internal Revenue Service—Mark W.
Sarbanes-Oxley and nonprofit management: skills, techniques, methods by Peggy M. Jackson