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SOX Requirements, Best Practices, and State Legislature
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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 a conflict of interest policy Include people with some financial literacy on its board 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 The findings and recommendations from this study will be discussed in greater detail throughout this text
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Example of State Legislation California s Nonprofit Integrity Act (SB 1262)
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As is shown in the previous testimony and guiding principles designed by the Panel of the Nonprofit Sector, the expectation of significantly high transparency and accountability for the nonprofit world is here to stay In addition to federal legislation and regulatory scrutiny, nonprofits are subject to state legislation California s Nonprofit Integrity Act (SB 1262) provisions appear to have influenced many of the Panel on the Nonprofit Sector s recommendations Provisions that Apply to Nonprofits with Budgets in Excess of $2 Million The state of California passed a Nonprofit Integrity Act, which imposes many of the features of Sarbanes-Oxley legislation on nonprofits with budgets in excess of $2 million operating in that state Of particular significance is that this law also applies to any nonprofit that solicits donation in the state of California regardless of where the nonprofit is domiciled Some of the key provisions of this law include:
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California s Nonprofit Integrity Act (SB 1262)
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Nonprofits will be required to have an annual audit performed by a CPA who is independent as defined by US Government auditing standards The results of the audit will need to be made available to the public and the Attorney General Nonprofits will be required to have an audit committee whose membership cannot include staff and must not overlap more than 50% with the finance committee; the audit committee can include members who are not on the organization s board of directors What does this mean for nonprofits operating in California To ensure greater accountability in executive compensation, the law requires that the board approve the compensation, including benefits, of the corporation s President or CEO, and its Treasurer or CFO, for the purposes of assuring that these executive compensation packages are reasonable What does this mean for nonprofits operating in California Requires disclosure of written contracts between commercial fundraisers and nonprofits and available for review on demand from the Attorney General s office Fundraisers must be registered with the Attorney General s office The following points in the law apply to all nonprofits, regardless of size, operating in California: a) Make their audits available to the public on the same basis as their IRS Form 990 if they prepare financial statements that are audited by a CPA b) Except for emergencies, notice of a solicitation campaign by a commercial fundraiser for charitable purposes must be filed at least ten days before the commencement of the solicitation campaign, events, or other services Each contract must be signed by an official of the nonprofit, and include the contract provisions specified in the law c) Regarding fundraising activities, the law states that nonprofits must not misrepresent or mislead anyone about their purpose, or the nature, purpose, or beneficiary of a solicitation Further, the law specifies that there be specific disclosures in any solicitation that the funds raised will be used for the charitable purpose as expressed in articles of incorporation or other governing documents The nonprofit is expected to ensure that fundraising activities are adequately supervised to ensure that contracts and agreements are in order and that fundraising is conducted without intimidation or undue influence What does this mean for nonprofits operating in California Nonprofits in California, regardless of their size, need to review their fundraising practices, particularly if some or all of their fundraising is outsourced to commercial fundraising firms Nonprofits will be liable for abuses by vendors of fundraising services As a practical matter, boards should insist that due diligence activities be conducted before contracting with any
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