Wednesday, March 02, 2005

Commentary: The Virtue of Nonprofits

The cultural assumption of late has been that Sarbanes-Oxley was necessary; the corporate agenda is greed and CEO indulgence. Similar revelations have surfaced among charities such as National Capital Area United Way and “questionable” nonprofits collecting millions for tsunami relief.

So in the naive belief that virtuous decisions can be legislated—and despite the onerous cost of Sarbanes-Oxley—the rush to more charity oversight began. The United States Senate and the Internal Revenue Service (IRS) are at the forefront; the benefit to the uniquely generous and often sacrificial compassion sector remains in question.

Waning public confidence in charities is the battle cry. After extensive interviews questioning enhancement strategies, the IRS Advisory Committee on Tax Exempt and Government Entities report of last June concluded that the IRS plays a “crucial ‘clearinghouse’ role in helping assure the donating public that organizations granted exempt status are legitimate and worthy of support.”

Assuring legitimate exempt status is a reasonable mission for the IRS. However, nonprofit worthiness placed at the mercy of the Internal Revenue Service should be a cause for concern among even the most casual nonprofit donors.

Commentary: The Virtue of Nonprofits

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