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Sarbanes-Oxley for Nonprofits: A Guide to Gaining Competitive Advantage \ Contents Key to Headings: Heading 1 [Arial 12 bold] Heading 2 [Arial 12 bold & italicized] Heading 3 [Arial 12 bold, italicized and underlined] Heading 4 [Arial 12 italicized and underlined Dedication Page Acknowledgements Preface Chapter 1 Overview of the Legislation and Its Implications for Nonprofits Introduction What Is The Sarbanes-Oxley Legislation About? Sox Has Its Roots In The Great Depression Truth in Securities Law 21st Corporate and Accounting Scandals Role of Arthur Andersen LLP The WorldCom Debacle Importance of SOX Title I Title II Titles III and IV Titles V, VI, and VII Titles VIII, IX, X, and XI Relevance of SOX to Nonprofits Current Legislative Environment For Nonprofits U.S. Senate Finance Committee Hearings on Nonprofit Accountability, June 2004 Internal Revenue Service Commissioner's Testimony Staff Discussion Paper - Senate Finance Committee Five-year review of tax-exempt status by the IRS. Form 990s - Proposals for Reform Improve Quality and Scope of Forms 990 and Financial Statements Form 990s Would Require Signature By Chief Executive Officer Penalties For Failure To File Complete An Accurate 990. Required Disclosure Of Performance Goals, Activities, And Expenses In Form 990 And In Financial Statements Nonprofits Would Be Required To Make Certain Documents Publicly Available Disclosure of financial statements Web-Site Disclosure Proposals Regarding Nonprofit Boards Proposals for Government Encouragement Of Best Practices California's "Nonprofit Integrity Act" (SB1262) Provisions That Apply to Nonprofits with Budgets in Excess of $2 Million Dollars The following points in the law apply to all nonprofits, regardless of size, in California. Conclusion Chapter 2 Safeguarding Your Nonprofit's Financial Resources and Assets: Establishing Auditor Independence and Audit Committee Competence Introduction SOX Titles II and II I The Value of Accurate Financial Statements Chapter 3 The Importance of A Good Audit What Are The Types Of Opinions And What Do They Mean? The Board's Responsibility Regarding the Financial Statements Establishing an Appropriate Relationship with the Auditor Restriction of Auditor Services Imposed Requirements for Audit Committee Creating the Audit Committee In A Nonprofit Role of the Audit Committee Conclusion Chapter 3 Reading and Interpreting Financial Statements Introduction Balance Sheet Assets Liabilities Net Assets Statement of Operations Revenues, Gains, and Other Support Expenses Below the Line Items Statement Of Changes In Net Assets Statement Of Cash Flows Financial Statement Analysis Trend Analysis Common-size Analysis Financial Ratios Liquidity Ratios Current Ratio Quick Ratio Average Collection Period Ratio Days Cash On Hand Average Payment Period Profitability Ratios Operating Margin Return on Total Assets Asset Management Ratios Total Asset Turnover Ratio Fixed Assets Ratio Age of Facility Ratio Debt Management Ratios Long-Term Debt to Net Assets Times Interest Earned Debt Service Coverage Ratio Conclusion Chapter 4 Form 990: Unnecessary Paperwork or a Useful Tool? Introduction What are Form 990 and Form 990-EZ? What is Form 990 Important? Management's Role in Improving Form 990 Creating a Good Internal Control System Code of Ethics Accounting System Control Activities Monitoring Activities Certification By Upper Management The Board's Role in Form 990 Items of Particular Interest Fundraising Salaries for Key Managers and Staff Members Lobbying Activities Conclusion Chapter 5 SOX Sections VIII and XI: Document Retention and Whistleblower Protection Obligations Introduction Whistleblower Protection Creating a Confidential Reporting System Ombudsman Third Party Reporting Systems Document retention, archiving and retrieval First steps: beginning the process How to build a document retention system that is in compliance with SOX Conclusion Chapter 6 - Raising the Bar of Accountability: SOX Best Practices and the Board- Introduction Legislative Environment, Best Practices and Governance New Expectations for board oversight and governance Higher Expectations for Board Membership and Deliberations Traditional Standards of Board Member Behavior Upgraded Standards: Putting SOX Best Practices in Motion SOX and the Board: Higher Performance and Greater Accountability Incorporating Best Practices Within Board Activities And Administration Board Orientations: Be Respectful of Board Members' Time Championing SOX Best Practices: The Board's Governance Role All nonprofit boards should work toward these ethical and operational principles Conclusion Chapter 7 SOX Best Practices and Organizational Culture: Changing the Environment Introduction The Nonprofit's Organizational Culture and the Adaptation of SOX Best Practices What is organizational culture? Here are some clues to interpreting an nonprofit's culture How Organizational Culture Can Act as a Barrier to SOX Best Practices Introducing Change Factors in modifying current organizational culture Modeling the New Behavior: SOX Best Practices Change Takes Time Nonprofit Board Culture Lessons learned from United Way of the National Capital Area scandal Sources of board dysfunction Symptoms of board dysfunction include: What are the factors that contribute to board dysfunction? Transforming Board Culture: Ushering In a New Governance Paradigm Strategies for Introducing Change in the Board Culture Conclusion Chapter 8 -A Platinum Operating Standard Starts with Good Bones Introduction SOX Best Practices: Moving to a Platinum Operating Standard What are Platinum Operating Standards? Review of Internal Controls SOX Best Practices How to Conduct a Review of internal controls Financial Operations Development and fundraising Document Retention -Document retention, archiving and retrieval Human Resources Programs and Operations Client files and privacy issues Steps for Conducting the Review of Internal Controls: Content and Structure of the Review of Internal Controls Report Conclusion Chapter 9 - Creating a competitive advantage: Leveraging SOX Best Practices Introduction Competitive advantages of being in compliance with Sarbanes-Oxley best practices Leveraging Best Practices: Marketing Strategies Leveraging Best Practices to Create Risk Management and Business Continuity Plans What Is Risk Management and What Does It Have To Do With SOX Best Practices? Profile of your nonprofit Risk Management Activities Designing a Risk Management Program Developing the Risk Management Plan Using SOX Best Practices to Facilitate the Design of A Business Continuity Plan What are the Sources of Business Interruptions? What is a Business Continuity Plan? What are the benefits of BCP in light of SOX best practices? Designing the Plan Conclusion Chapter 10 - SOX Best Practices for Small Nonprofits Introduction Five Myths That Hold Small Nonprofits Back Adopting SOX Best Practices Scaling the SOX best practices to fit the needs of small nonprofits Keys to Success in Customizing SOX best practices Conclusion Appendix Appendix 1 Working Through the Four Basic Financial Statements Appendix 2 Whistleblower policy- Appendix 3 Document retention and storage protocols Appendix 4 Audit committee Appendix 5 Conflict of interest policy and procedures including a disclosure statement Appendix 6 Code of ethics for board and senior management Appendix 7 Board of Directors -Governance profile and performance expectations Appendix 8 Outline of Director Orientation Curriculum Appendix 9 Review of internal controls Report Appendix 10 Sample Risk Management Plan Appendix 11 Sample Business Continuity Plan
Library of Congress Subject Headings for this publication:
Nonprofit organizations -- United States -- Finance -- Management.
United States. Sarbanes-Oxley Act of 2002.
Nonprofit organizations -- Accounting -- Law and legislation.
Nonprofit organizations -- Auditing -- Law and legislation.
Nonprofit organizations -- United States -- Management.