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(Chicago, IL, November 8, 2004)—At its inaugural
meeting yesterday, the Panel on the Nonprofit Sector announced
the creation of five specialized Work Groups that will assist
the Panel as it prepares recommendations for Congress on
improving the oversight and governance of charitable
organizations.
Panel co-conveners Paul Brest and Cass Wheeler also named
co-conveners for each of the five groups. These leaders
represent organizations from across the country that serve
diverse missions and communities.
During the meeting, the Panel also discussed its mandate,
strategies for reaching out to the field, and the very short
timeline for fulfilling its responsibility. Independent Sector
formed the Panel on the Nonprofit Sector last month at the
encouragement of the U.S. Senate Finance Committee, which has
asked for initial findings and recommendations by February 2005
and a final report in spring of 2005. The Panel will continue
its work through the fall, when it will offer final
observations.
The Panel’s newly formed Work Groups will focus
on areas of central importance to the nonprofit community. These
five groups and some of the issues they will consider are:
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Financial Accountability and Transparency,
including disclosure measures such as reform of Form 990 and
990PF, audits and reviews, and electronic filing of tax returns;
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Governance and Fiduciary Responsibilities,
including conflict of interest policies, fundraising, and board
compensation, size, and composition;
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Legal Framework, including donor advised
funds, investment rules, the prevention of self-dealing and
other conflicts of interest, and tax regulations;
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Oversight and Self-Regulation, including
enforcement of existing legal standards, improvements to those
laws, and areas that are best enforced through self-regulation;
and
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Small Organizations, including special
concerns related to administrative expenses, board requirements,
disclosure issues, financial audits and reporting, user fees,
and supporting organizations.
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The Work Groups will consider modifications to
existing laws and practices; examine areas where self-regulation
is more appropriate; and suggest where further research is
needed.
Experts and leaders of charities and foundations from across the
country will comprise the membership of the five groups, each of
which will be led by co-conveners:
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Financial Accountability and Transparency:
Michael Bailin, president, The Edna McConnell Clark
Foundation, New York, N.Y., and Walter D. Bristol Jr.,
CPA, executive vice president of corporate operations and CFO,
American Heart Association, Dallas, Texas.
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Governance and Fiduciary Responsibilities:
Ellen S. Alberding, president, The Joyce Foundation,
Chicago, Ill., and Deborah S. Hechinger, president and
CEO, BoardSource, Washington, D.C.
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Legal Framework: Robert Boisture, senior
member, Caplin & Drysdale Exempt Organizations Practice Group,
Washington, D.C., and LaVerne Woods, partner, Davis
Wright Tremaine LLP, Seattle, Wash.
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Oversight and Self-Regulation: John E.
Marshall, III, president and CEO, The Kresge Foundation,
Troy, Mich., and Valerie S. Lies, president and CEO,
Donors Forum of Chicago, Chicago, Ill.
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Small Organizations: Audrey R. Alvarado,
executive director, National Council of Nonprofit Associations,
Washington, D.C., and David M. Nee, executive director,
William Caspar Graustein Memorial Fund, Hamden, Conn.
“We are fortunate to have such a strong group of
colleagues in our field whose integrity and leadership are well
known, and whose collective experience and expertise will add
immeasurably to the work of the Panel,” said Cass Wheeler,
president and CEO of the American Heart Association and
co-convener of the Panel.
“We have made significant progress in developing a roadmap for
our work ahead,” said Paul Brest, president of the William and
Flora Hewlett Foundation and co-convener of the Panel, after the
first meeting. “Even at this early stage, we are encouraged by
the widespread support expressed by so many in the field and
their willingness to offer advice and help for this initiative.”
# # #
The Panel on the Nonprofit Sector is an
independent panel of nonprofit and philanthropic leaders formed
by Independent Sectorat the
encouragement of the Senate Finance Committee. The Panel’s
charge is to consider and recommend actions that will strengthen
good governance, ethical conduct, and effective practice of
public charities and private foundations. A Citizens Advisory
Group, an Expert Advisory Group, and five specialized Work
Groups will assist the Panel, which will also invite input from
charities and foundations of all sizes serving diverse missions
and geographic locations. The Senate Finance Committee has asked
for interim recommendations by February 2005 and a final report
in the spring. More information about the Panel on the
Nonprofit Sector.
Independent Sector is a nonprofit, nonpartisan coalition of approximately 600 charities, foundations, and corporate philanthropy programs, collectively representing tens of thousands of charitable groups in every state across the nation. Its mission is to advance the common good by leading, strengthening, and mobilizing the nonprofit community.
Independent Sector Contact:
Patricia Nash
Christel
Phone: 202-467-6100
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