Nonprofit Accounting Basics
Best Practices
Originally Posted: July 28, 2021
Topics:
The Internal Revenue Service believes that promoting best practices in the areas of governance, management and disclosure will lead to a higher level of federal tax law compliance. As a result, Part VI of the core form of the 990 is devoted to questions of this nature.
For example, Sarbanes-Oxley imposes criminal liability on all organizations for retaliation against whistleblowers and for the destruction of records with the intent to obstruct a federal investigation. Therefore, there are questions, requiring a yes or no answer, asking if your organization has a whistleblower policy and a document retention policy.