San Luis Obispo County’s website | 08/16/2007 | Nonprofit Strategies: Nonprofits build credibility on solid financial footing: "Nonprofit Strategies: Nonprofits build credibility on solid financial footing By Barry VanderKelen
The fifth anniversary of the signing of the Sarbanes-Oxley Act was observed July 30. The law was enacted to rebuild public trust in accounting and reporting practices of corporations after a series of high-profile scandals. California has become a leader in applying Sarbanes-Oxley to nonprofits. In 2004, California enacted the Nonprofit Integrity Act, or NIA, that is based on Sarbanes-Oxley. The aim is to strengthen accountability and oversight of charitable organizations as well as the solicitation campaigns that commercial fundraising firms are hired to do. Many of the provisions of this act apply only to nonprofits that have gross revenue of $2 million or more. Educational institutions, religious organizations, hospitals, licensed health care service plans and cemeteries are exempt. In San Luis Obispo County, approximately 1 percent of the nonprofits are affected by NIA."
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