One in ten nonprofits still lacks a conflict-of-interest policy
Five years after the Sarbanes-Oxley Act became law, most nonprofits have enacted policies and procedures consistent with the act, but many have not. During the last year, the proportion of organizations that have implemented new accounting procedures has jumped to 92 percent from 59 percent a year ago – yet 11 percent of nonprofits nationally have yet to adopt a conflict of interest policy and 32 percent have no whistle-blower policy. Both are required by law.
For a look at how your organization measures up in critical areas such as term limits, D&O insurance coverage, board self-assessments, investment oversight, the expectation that board members make financial contributions to the organization, board committees, executive sessions, audit committees, selection of an external auditor and more, click here to download a copy of the survey report.
The 20-page findings of the “2007 Grant Thornton National Board Governance Survey for Not-for-Profit Organizations” include the latest data from five annual surveys.
Grant Thornton conducted the survey Sept. 5 to 24, 2007. Responses to the web-based survey were received from 603 chief executive officers, chief financial officers, board members and other top officials of higher education institutions, trade and professional associations, social and human service organizations, religious organizations, cultural organizations, health care organizations and foundations. Respondents cover 47 states and the District of Columbia.
