Report on Increased Transparency for Non-Profits Given to Senate

Yesterday, the Acton Institute reported on the recommendations from the Panel on the Non-Profit Sector, an advisory group to the U.S. Senate. The Panel's report contains 120 suggestions for increased transparency and accountability in the non-profit sector. The recommendations would likely affect faith-based organizations. However many of its recommendations would not apply to religious congregations that are not required to file IRS Form 990. The report focuses on issues like compensation to directors and executives, benefits to related parties, non-cash donations, audit committees, board composition, disclosure of performance data, and conflicts of interest. The full text Panel's 112-page Report titled Strengthening Transparency, Governance, Accountability of Charitable Organizations was transmitted to the Senate Finance Committee on June 22.