Sarbanes-Oxley: A benchmark for nonprofits?
The Sarbanes-Oxley Act of 2002 set new guidelines for fiduciary oversight within public corporations. There’s been some talk that the act may eventually be expanded to cover nonprofits. Some say, too, that certain provisions of Sarbanes-Oxley make good business sense for associations—regardless of whether the act is expanded. Paula Cozzi Goedert, a partner at Chicago-based Jenner & Block LLC, and chair of her firm’s association practice, helps us make sense of Sarbanes-Oxley and outlines which aspects are most relevant for association leaders now.