The Sarbanes-Oxley Act of 2002
The Sarbanes-Oxley Act of 2002
The Sarbanes-Oxley Act of 2002
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C. Consider formalizing such non-required practices such as:<br />
<br />
<br />
<br />
<br />
<br />
If you have an audit committee, have it comprised <strong>of</strong> board members who are not<br />
also on staff, and if you are audited but don’t have an audit committee, consider<br />
forming such a committee or task force<br />
Prohibit loans from the organization to board members (some states’ corporate<br />
laws prohibit this)<br />
If you have a financial consulting firm, choose one that is different from your<br />
auditing firm<br />
Have the full board approve compensation for the executive director and the top<br />
staff financial <strong>of</strong>ficer<br />
Adopt an Ethics or Conflict <strong>of</strong> Interest Policy<br />
Upcoming issues <strong>of</strong> Blue Avocado will discuss Ethics and Conflict <strong>of</strong> Interest Policies<br />
and include Model Policies.<br />
See also:<br />
<br />
<br />
Model Whistleblower Policy for Nonpr<strong>of</strong>its by Tom Silk<br />
Model Document Retention Policy for Nonpr<strong>of</strong>its by Tom Silk<br />
Page 99 <strong>of</strong> 208
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