Nonprofits to Face Sarbanes-Oxley-Like Reforms

Nonprofits to Face Sarbanes-Oxley-Like Reforms: "Nonprofits to Face Sarbanes-Oxley-Like Reforms

July 1, 2005 (Northeast Pennsylvania Business Journal) -- Forget three strikes and you're out. In the new world of corporate governance many companies have adopted 'zero tolerance' for unethical activity.

With the Sarbanes-Oxley Act of 2002 governing publicly-held companies and strong implications that a similar act will apply to nonprofit organizations in the near future, both sectors are examining their policies to ensure that they encourage ethical behavior and are accountable to those they serve.

As a publicly-held company, Community Bank and Trust, Clarks Summit, has heightened its corporate governance in response to the federal act."