Crackdown on CharitiesCrackdown on Charities
Sarbanes-Oxley mania is hitting the charity world. The government is considering a myriad of measures to make nonprofits more accountable. Industry observers say it's not a question of whether the government will tighten the reins on charities, but when and how taut. High on the hit list are large salaries, late filing of required tax returns, executive compensation, filing requirements and donation
August 1, 2004
Rorie M. Sherman Editor in Chief
Sarbanes-Oxley mania is hitting the charity world. The government is considering a myriad of measures to make nonprofits more accountable. Industry observers say it's not a question of whether the government will tighten the reins on charities, but when and how taut.
High on the hit list are large salaries, late filing of required tax returns, executive compensation, filing requirements and donation valuations.
Compensation for executives of public charities and private foundations, under fire for months, is now being scrutinized by the federal government. Tax-exempt organizations aren't supposed to pay insiders more than the fair market value for their services. This summer, the Internal Revenue Service is ...
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