Tuesday, January 22, 2008

Board's Give Or Get More Expensive Now

More than half of nonprofits now require board members to make an annual contribution, with a major share of large ones setting a minimum of $5,000.

That finding, in the new edition of National Board Governance Survey for Not-for-Profit Organizations conducted by the accounting firm Grant Thornton LLP, comes against a backdrop of more and more nonprofits reshaping board of directors practices and policies to fit the Sarbanes-Oxley Act. Just as more public companies expect their directors own stock, nonprofits expect an investment as well.

While it excludes nonprofits, Sarbanes-Oxley in 2002 established new or enhanced standards for all U.S. public company boards, management, and public accounting firms. It does not apply to privately held companies. The Act deals with everything, from responsibilities to criminal penalties, and requires the Securities and Exchange Commission (SEC) to implement rulings on requirements to comply with the new law.

Board's Give Or Get More Expensive Now

Labels: governance, non profit

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