Exempt Organizations Advisory - Nonprofit Panel Seeks Public Comment on Self-Regulation

On January 12, the Panel on the Nonprofit Sector’s Advisory Committee on Self-Regulation released draft principles on self-regulation, which it developed in an effort to assist Congress in developing recommendations for strengthening self-regulation of charities. The Committee’s 29 principles are arranged in the following four categories: facilitating legal compliance; effective governance; strong financial oversight; and responsible fundraising. The Committee recommends that small charitable organizations should aspire to follow the principles and that large organizations (public charities with at least $1 million in annual revenues and private foundations with at least $25 million in assets) should implement these practices.

The Panel has invited the nonprofit community to comment on the Committee’s principles of effective practice by January 24th. These comments will be incorporated by the Committee into the recommendations it is preparing for the Panel’s consideration.

For more information about the Advisory Committee, please see http://www.nonprofitpanel.org/selfreg/index_html.