Wednesday, November 17, 2004

National Survey Finds Awareness of Sarbanes-Oxley Among Not-for-Profits Surges

Awareness of the Sarbanes-Oxley Act of 2002 had surged in the not-for-profit industry over the past year. According to the second annual Grant Thornton Board Governance Survey for Not-for-Profit Organizations, 83 percent of survey respondents say they are "very" or "somewhat" familiar with the act, compared to 56 percent in the 2003.

The survey, which includes responses from more than 700 not-for-profit entities, also found that these organizations are not only aware of the act, but many are also taking action because of it. Almost half (48 percent) of survey respondents have made changes to their corporate governance policies as a result of Sarbanes-Oxley.

"This increased awareness and action is, no doubt, the result of board members, governmental entities and other constituencies requiring enhancements in governance, operational and fiscal matters." says Frank Kurre, managing partner of Grant Thornton's National not-for-profit practice.

National Survey Finds Awareness of Sarbanes-Oxley Among Not-for-Profits Surges

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