Non-profit professional society board of directors 8



  • This post is deleted!


  • This post is deleted!


  • This post is deleted!


  • This post is deleted!


  • I work for Global Compliance Services, formerly Pinkerton, and our 22 years of experience is that non-profits as well as private companies are choosing to adopt these rules as well just as a good business measure.



  • Compliance is a way of practicing, and demonstrating, due diligence, regardless of whether the act is actually mandatory in your sector.



  • I agree with the previous posts, in regards to ensuring that your non-profit organization follows best practices to ensure the integrity of the organization. There has been a lot of discussion at the State level whereby the State Attorneys General have indicated that they were going to enforce some of the provisions of SOX to non-profits, and I have also heard a general consensus that application of SOX provisions to non-profits is coming in late 2005.
    In general, I believe that taking steps to validate the accuracy of financial statements, establish effective controls and monitor performance continuously should always be considered, and ultimately provides reasonable assurances for stakeholders and donors that the organization is managed effectively and honestly.



  • A board member of our 30 unit Condominium Association is saying that SOX is a Best Practice for this type of organization. Is this taking it too far? If not, which sections can be useful? I would also appreciate hearing from any Condo Association officers.



  • Yes :lol:



  • SOX is a Best Practice… Is this taking it too far? .
    It is a fact. SOX has changed what is ‘best practice’ even for not for profit. It has changed what you must do in order to prove that you exercise ‘due care’. 😉



  • Any information of enforcement in not for profit. I read that ‘this is coming for not for profits by end 2005’. What does this mean in terms of comliance and enforcement?.



  • Any information of enforcement in not for profit. I read that ‘this is coming for not for profits by end 2005’. What does this mean in terms of comliance and enforcement?.
    There will not be enforcement in not for profit.


Log in to reply