Almost all nonprofits already are complying with financial reporting practices being considered by the Senate Finance Committee, a new survey says.
More than nine in 10 nonprofits provide financial statements to board members and almost all have been audited within the past two years, says the survey of more than 600 tax-exempt groups throughout the U.S.
The survey is part of the Listening Project, an ongoing study of the health of the nonprofit sector, conducted by the Center for Civil Society Studies at the Johns Hopkins Institute for Policy Studies.
Nonprofits are less likely to delay their IRS filings than are for-profit companies, but they oppose Senate Finance Committee suggestions that filings should include performance data, the study says.
More than eight in 10 respondents say their chief executives or board chairs sign their IRS filings, mirroring recommendations in the Sarbanes-Oxley law governing financial reporting by private companies, and more than half say they have strengthened management procedures in response to external audits.