9780471790372

Sarbanes-Oxley for Nonprofit Boards : A New Governance Paradigm

by
  • ISBN13:

    9780471790372

  • ISBN10:

    0471790370

  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2006-07-28
  • Publisher: Wiley

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Supplemental Materials

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Summary

The Sarbanes-Oxley (SOX) bar has been raised-is your nonprofit board up to the task? Nonprofit boards are in a fishbowl of scrutiny much like their private sector counterparts. With recent media focus on investigations of false charities, and more disturbingly, of household-name nonprofits that have abused donor trust by misdirecting donations, the heat is on the nonprofit board to rehabilitate its organizational profile. Encouraging boards to reclaim their role as the ultimate authority within their nonprofit, nationally recognized nonprofit expert Dr. Peggy Jackson supplies tips for leveraging the power and value of SOX requirements within the nonprofit organization. Containing sample documents, forms, and checklists to introduce best practices into any nonprofit organization, this complete guide is a practical, hands-on tool for equipping your nonprofit's board toward a higher quality of control. Relevant for both the large and small nonprofit organization, this must-have book effectively brings pragmatic clarity to a complex topic, and explains how to blend Sarbanes-Oxley requirements into the nonprofit organization, with topics including: Common factors that contribute to nonprofit board dysfunction Moving nonprofit governance into the twenty-first century Intervention techniques for moving your board forward Establishing strategies for lasting change Creating a platinum standard for governance Helping your nonprofit board understand and implement SOX requirements, Sarbanes-Oxley for Nonprofit Boards will be indispensable as a guide and will reinforce your nonprofit's financial structure and reputation.

Author Biography

PEGGY M. JACKSON, DPA, CPCU, is a consultant and nationally recognized lecturer in risk management, business continuity planning, and Sarbanes-Oxley compliance. She is a principal with Adjunct LLC and a founding partner of the Fogarty, Jackson & Associates Consulting Group in San Francisco, California. Dr. Jackson has coauthored several books published by Wiley, including Managing Risk in Nonprofit Organizations, Sarbanes-Oxley for Nonprofits, and Sarbanes-Oxley and Nonprofit Management: Skills, Techniques, Methods. She divides her time and consulting practice between her homes in the San Francisco Bay Area and the Washington DC metro area.

Table of Contents

ACKNOWLEDGMENTS ix
PREFACE xi
ABOUT THE AUTHOR xiii
CHAPTER 1 History and Legislative Background of the Sarbanes-Oxley Act of 2002 and State Nonprofit Accountability Legislation 1(20)
What Is the Sarbanes-Oxley Legislation About?
3(7)
Current Legislative Environment for Nonprofits
10(8)
California's Nonprofit Integrity Act
18(1)
Summary
19(2)
CHAPTER 2 Moving Nonprofit Governance into the Twenty-First Century 21(22)
How Sarbanes-Oxley Legislation Has Changed Governance Expectations in All Economic Sectors
22(8)
Moving the Board into the Twenty-First Century
30(8)
Why Do Nonprofit Boards Have Difficulty in Adjusting to Twenty-First—Century Expectations?
38(3)
Summary
41(2)
CHAPTER 3 Leveraging Sarbanes-Oxley Requirements and Best Practices to Move Your Board to a Higher Level of Performance 43(14)
What Are the SOX Requirements and Best Practices?
44(3)
Sarbanes-Oxley Requirements
47(4)
Implementing SOX Best Practices
51(2)
SOX and the Board: Achieving Greater Accountability
53(3)
Summary
56(1)
CHAPTER 4 SOX as a Cure for the "Leave Your Brains at the Door" Syndrome 57(20)
Board Dysfunction in Today's New Legislative Environment
58(2)
What Is the "Leave Your Brains at the Door" Syndrome?
60(7)
Crafting Intervention Strategies for the Syndrome
67(7)
Summary
74(3)
CHAPTER 5 Moving the Board Forward: Intervention Techniques 77(16)
Organizational Culture
78(11)
How to Jump-Start the Board to a Higher Level of Productivity
89(2)
Summary
91(2)
CHAPTER 6 Start at the Beginning 93(14)
Questionnaire
93(7)
Utilizing the Data from the Questionnaire as a Platform for Change
100(1)
Developing Your Board's Current Profile
101(1)
Blueprint for Action
102(2)
Leveraging the Blueprint: Establishing Strategies for Lasting Change
104(1)
Summary
105(2)
CHAPTER 7 Establishing a Platinum Standard for Governance 107(32)
SOX Best Practices: Moving to a Platinum Operating Standard
108(2)
What Are Platinum Operating Standards?
110(8)
The Board's Role in Changing the Organization's Culture and Values To Introduce a Platinum Standard
118(1)
How Implementation of SOX Requirements and Best Practices Facilitates Change
119(7)
The Board's Oversight Role in Implementing Your Nonprofit's Document Preservation Policy
126(5)
The Board's Role in the Review of Internal Controls
131(1)
A Platinum Standard for the Board
132(3)
Platinum Standards and SOX Best Practices
135(3)
Summary
138(1)
CHAPTER 8 SOX and the Really Small Nonprofit Board 139(12)
Challenges of Really Small Boards
140(1)
Five Myths that Hold Small Nonprofits Back
140(2)
How to Scale SOX Best Practices in Small Nonprofits
142(5)
Keys to Success in Customizing SOX Best Practices
147(3)
Summary
150(1)
APPENDIX A Letter from Senator Grassley to the Acting Chair of the American University Board of Trustees 151(6)
APPENDIX B Whistleblower Protection Policy 157(2)
APPENDIX C Risk Management Plan and Business Continuity Plan 159(6)
Risk Management Plan: Table of Contents
159(1)
Business Continuity Plan
160(5)
APPENDIX D Technology Policy 165(2)
Talking Points
165(2)
APPENDIX E Review of Internal Controls Report and Recommendations 167(2)
Overview of the Project
167(1)
Systems
167(1)
Recommendations and Timeline
168(1)
APPENDIX F Board of Directors—Governance Profile and Performance Expectations 169(6)
Oversight and Policy Making
169(1)
Term Limits
169(1)
Summary of Board Committees' Descriptions and Performance Objectives
170(1)
Process for Board Member Nomination and Election
170(1)
Board Orientation Session
171(4)
APPENDIX G Conflict-of-Interest Policy 175(4)
Sample Conflict of Interest Letter
177(2)
APPENDIX H Code of Ethics for Board and Senior Management 179(2)
Talking Points
179(1)
Sample Code of Ethics for a Nonprofit Board Member1
180(1)
APPENDIX I Bibliography 181(8)
INDEX 189

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