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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 Everson On April 5, 2005, the Commissioner of the Internal Revenue Service, Mark W Everson, presented a written statement before the US Senate Committee on Finance hearing on Charities and Charitable Giving: Proposals for Reform In his statement, Everson pointed out some of the IRS concerns regarding tax-exempt charities: Terrorist financing by charities Overcompensation of nonprofit management and staff Overvaluation of noncash donations Misuse of donor-advised fund arrangements Excessive political activities Misuse of tax shelters In the statement, Everson requested that Congress increase IRS funding in order for it to exert more oversight over the nonprofit sector Panel on the Nonprofit Sector On June 22, 2005, the Panel on the Nonprofit Sector, convened by Washington, DC-based Independent Sector, gave its recommendations to the US Senate Finance Committee (Panel on the Nonprofit Sector, 2005; Jones, 2005) The report was in response to federal proposals aimed at improving charitable governance and accountability The 116-page final report provided 120 suggested actions for the IRS, legislators, and charitable organizations Some of the changes suggested to the IRS were: Charities with at least $2 million in total revenue and filing a Form 990 or Form 990PF would be legally required to conduct a yearly financial audit Organizations with $500,000 to $2 million in total revenue would be required to have an independent public accountant review financial statements Charities with less than $25,000 in revenue would face automatic suspension of tax-exempt status if they fail to file an annual notice with the IRS for three consecutive years
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Require CEOs, CFOs, or the highest-ranking officer to sign tax and information forms Suspend tax-exempt status of organizations that fail to comply with federal filing requirements for two or more consecutive years Extend penalties imposed on individual and corporate tax preparers for omission or misrepresentation of information, disregard of rules and regulations to preparers of Form 990s Move forward with requiring e-filing of Form 990s and allow for separate attachments Coordinate federal e-filing efforts with states Require e-filing of applications for tax-exempt status Some of the changes suggested for nonprofits were: Adopt and enforce conflict of interest policies Include people with some financial literacy on its boards of directors Create whistleblower protection policies Some of the changes suggested for Congress were: Define donor advised funds Prohibit charities from making grants to private nonoperating foundations from donor advised funds Enact minimum activity rules for donor advised funds Prevent public charities from knowingly using donor advised funds to reimburse donors/advisers for expenses incurred by them in an advisory capacity or making grants to donors/advisers and related parties Increase funding for IRS enforcement of nonprofits
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It should be clear that the current legislative environment is emphasizing greater accountability for both the private and nonprofit sectors of the economy It should also be apparent that pressures are mounting for more SOX-like legislation directed at the nonprofit sector While it is true that the majority of the SOX provisions currently only apply to publicly traded corporations and not to nonprofit organizations, nonprofits could benefit operationally from adopting some of the SOX provisions as best practices In addition, voluntarily adhering to the SOX standards would create greater credibility and the ability to recruit high-quality board members, and attract the favorable attention of major donors, foundations, and other funding sources
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