Sarbanes-Oxley raises red flag for not-for-profits.
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
O'Hare
Patrick K
PK
pkohare@ober.com
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