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Advocacy Blog
Tuesday, January 25, 2005
Nonprofit Panel Asks for Recommendations
Independent Sector's Nonprofit Panel on Accountability posted a draft of their recommendations on their website.
In general, the recommendations:
- improving transparency and financial management through federal reporting (certification of Internal Revenue Service information returns, Form 990 filing deadlines and extension, penalties for inaccurate or incomplete returns, electronic filing, notification requirements) and other requirements (financial audits and reviews and public disclosure of financial statements)
- improving government oversight and enforcement by strengthening anti-abuse rules (the penalty tax on self-dealing, Type III supporting organizations, donor-advised funds, tax shelter rules, state enforcement of federal laws, and standards for imposition of penalties on organization managers), as well as general oversight and enforcement (funding for federal and state enforcement, information sharing between federal and state officials, and public disclosure of IRS determinations)
- improving governance and self-regulation (criteria for determining standards for self regulation, whistleblower protection, conflict of interest policy disclosure, and audit committees)
- special considerations for small organizations, in particular compliance requirements.
The panel asked for comments by Feb. 18. It also invited the nonprofit community to participate in a national conference Jan. 26. To comment on the recommendations, or to register for the conference call, go to the Nonprofit Panel's website
Posted by Jennifer Lowe
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