The overriding objective of the Sarbanes-Oxley Act is to strengthen the public securities market by holding management accountable for material information filed with the Securities and Exchange Commission and released to investors. To help achieve this overall goal, Sarbanes-Oxley includes several underlying objectives, specifically improving corporate governance, promoting ethical business practices, enhancing the transparency of financial statements and disclosures, and ensuring that company executives are aware of material information emanating from their business.Sarbanes-Oxley is not law for nonprofit organizations, but its guidelines for achieving its underlying objectives can be applied to all organizations, including nonprofits. By adopting the principles and best practices promoted by Sarbanes-Oxley - customized to meet an organization's unique nature and needs - a nonprofit organization can better realize its mission and meet the expectations of its key stakeholders.
This feature follows the case of the Philadelphia Zoo, which provides insight into how implementation can be the key to improved governance for nonprofit organizations.
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