Three years after passage of the Sarbanes-Oxley Act, corporate governance remains a hot topic in the U.S. nonprofit sector.
Although these organizations, by virtue of their tax-exempt status, were not directly affected by Sarbanes-Oxley, the nonprofit sector has come under legislative scrutiny during the past few years, particularly in 2004 and 2005, and much of the focus is related to corporate governance, according to a report released today by Standard & Poor's titled, "Under Legislative Scrutiny, The U.S. Nonprofit Sector Embraces Corporate-Style Oversight."
"Although many people agree that enhanced oversight may be beneficial, and encourage greater confidence in charities, sector officials seem to prefer that new guidelines come directly from the sector," said Standard & Poor's credit analyst Mary Peloquin-Dodd. "The wide range of missions, sizes and scopes of organizations comprising the nonprofit sector makes it difficult to create a single list of requirements that work for everyone," she added.
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