Nonprofits Adopting Sarbanes-Oxley
Posted February 27, 2007
At United Way of Central Carolinas, a 35-page document spells out policies for retaining and destroying records, including keeping minutes of volunteer meetings for a year, financial records for seven years, and personnel records and minutes of board meetings permanently.
Throughout the U.S., nonprofits are strengthening their reporting and governance policies to comply with the Sarbanes-Oxley law Congress enacted in 2002 in the face of corporate scandals like those at Enron and WorldCom.
For details, see The Philanthropy Journal Web link to this story.