actual statute is here:
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=107_cong_bills&docid=f:h3763enr.txt.pdf
There is a toolkit available to assist in compliance available here:
http://www.sarbanes-oxley-forum.com/modules.php?name=Downloads&d_op=viewdownload&cid=1
While it does not mandate compliance by the private and non-profit sector, there
is momentum to include these on a state by state basis.
Following is a quote:
http://www.cfo.com/printarticle/0,5317,10987|M,00.html?f=options
"Nonprofits fall into a similarly gray area. Because of the public-service role
many of them play, they bear a responsibility to the public for their governance
practices. Some Sarbox provisions, such as those requiring audit-committee
members to be independent, "make sense in a not-for-profit world," says Kim
Schwartz, vice president of corporate finance for the American Red Cross. "You
have the same inherent conflict of interest you could have in a for-profit
world."
However, there might not be much gain, however, in requiring a not-for-profit to
separately disclose that it has a financial expert on its audit committee, she
says, since many already disclose that information in their annual report. For
its part, although the Red Cross is likely to adopt some provisions of the
act�its executives are currently analyzing Sarbox's long-term effects on its
1,000 operating units and observing how things shake out in the public sector"
Around 50% of private companies have opted for compliance:
http://www.webcpa.com/AccountingToday/index.cfm?txtFuse=dspShellContent&fuseAction=DISPLAY&numContentID=36137&numSiteID=7&numTaxonomyTypeID=10&numTaxonomyID=196
There is much more, geez!
----- Original Message -----
From: dana tierney
To: CF-Community
Sent: Friday, February 20, 2004 6:07 AM
Subject: Re: sarbanes-oxley
ok although the main target of the law is publicly-traded companies a lot of
non-profits seem to be complying anyway and I can't quite seem to put my finger
on whether this is actually required or the CIOs just think it's a good idea. On
closer inspection it seems as though there may be new IRS regulations that they
are trying to comply with, and perhaps they just expect S-O to be extended to
non-profits at some point. It would seem that we do not have an imminent
deadline here, but if anyone knows I would appreciate hearing from them.
Otherwise I may have to grit my teeth and dig up a copy of the actual
legislation and I really don't wannna
> While I am having federal compliance nightmares, anyone have any info
> on how sarbanes-oxley applies to non-profits? As best I can see we are
> exempt from a lot of the stricter audit requirements but board member
> need to manifest "fiduciary responsibility".... I love stuff like this
> when I am already sleep deprived
<g>
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