Too late for Cherubim Foundation, but nonetheless good to see: Stricter IRS Form 990 to be more revealing, costly.
Among other things, the IRS wants to know more about the nonprofit’s business transactions and joint ventures, and its relationships with the directors on its board, as well as directors’ relationships with each other. Nonprofits will have to disclose more information about their officers’ compensation, political campaigning and lobbying activities; whether the organization has written policies covering conflicts of interest, whistleblowers and document destruction; and describe how it enforces some of those policies.
Funny-sad that a software engineer had a better sense of what the future had in store for how non-profits would be held accountable than a board of purported business leaders. I believe a lot of what they did, or rather didn’t do, was the result of weak accountability. When people know they will be held accountable, in some meaningful way, they tend to pay better attention to the consequence of their actions – particularly when the risks they take are done with other people’s money.
Posted by GPE @ 10:38 am Comments are off for this post
Tags: Business