The climate is changing for nonprofit organizations, with both the Internal Revenue Service and Congress zeroing in on issues such as transparency, board oversight and compensation matters.While Sarbanes-Oxley requirements apply to only the public company sector, the scandals emanating from publicly traded companies over the past several years have affected the nonprofit arena as well, according to Geralyn R. Hurd, an executive in the tax services group at Crowe Chizek's Chicago office.
"Basically it traces back to Sarbanes-Oxley," she said. "Some nonprofit scandals put pressure on the IRS and motivated Congress to take a new look at the sector. [IRS] Commissioner Everson has made it a priority and has increased enforcement."
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