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September 19, 2006
Accountability and Transparency
Most of us think of Enron as an issue for the corporate world. And yet, legislation passed by Congress (Sarbanes-Oxley Act or SOX) in the wake of that scandal has implications for not for profits as well. Brian Peoples, the chairman of the Library's audit committee, and I attended a seminar last week that addressed these issues. In the last year, the Library has implemented a number of the "best practices" recommended by SOX, including forming an audit committee, approving a conflict of interest policy, and moving from a cash based audit to a full GAAP audit of our financial statements. We plan to draft a whistleblower policy and a document destruction policy in the coming year, and we will post our financial statements on our web site once our audit is complete. The Library will also be acquiring books and other materials on governance for not for profits to help our fellow organizations as we all work to improve our accountability and transparency to our community.
Posted by louise at September 19, 2006 06:13 PM