title: Sarbanes-Oxley raises red flag for not-for-profits.
abstract: In the near future, not-for-profits likely will feel the effects of these Sarbanes-Oxley directives: Establish audit committees with independent membership (precluding senior managers from being members) and make corresponding changes to corporate bylaws; Meet a higher standard for financial reporting, including increased disclosure and system certification representations as part of annual audits; Adopt a code of ethics for senior financial officers; Avoid senior executive compensation packages involving personal loans from the corporation; Ensure that board members are appropriately qualified and free of conflicts of interest.l
authors.affiliation: pkohare@ober.com
authors.forename: Patrick K
authors.initials: PK
authors.lastname: O'Hare
mesh_terms: D000066:Accounting / Q000331:legislation & jurisprudence*; D000288:Administrative Personnel / Q000191:economics; D002568:Certification / Q000331:legislation & jurisprudence; D004649:Employee Incentive Plans / Q000331:legislation & jurisprudence; D040861:Ethics, Business; D005375:Financial Audit / Q000331:legislation & jurisprudence*; D006075:Governing Board / Q000331:legislation & jurisprudence; D006788:Hospitals, Voluntary / Q000191:economics / Q000331:legislation & jurisprudence; D009939:Organizations, Nonprofit / Q000191:economics* / Q000331:legislation & jurisprudence / Q000592:standards; D011057:Politics; D014481:United States