Sunday, February 17, 2008

Sarbanes Oxley & Nonprofits (2/14/08 Knowledge Knugget)

Did you know that many nonprofit organizations are subject to provisions of Sarbanes-Oxley?

* Nonprofits with revenue greater than $1,000,000
* Nonprofits expending more than $500,000 of federal funds
* Must comply with certainSarbanes-Oxley provisions regarding audits.

Failure to comply can result in personal liability for the directors and officers. Check your nonprofits' D&O coverage to make sure it is up to date and limits are adequate.

No comments: