(855) 4-ESSAYS

Type a new keyword(s) and press Enter to search

Internal Control in Nonprofit Organizations

Still nonprofit organizations are dependent on the public's trust which has to be gained by being financially transparent and accountable for all decisions and procedures being made. Therefore, it is very important to develop sustainable internal controls in order to ensure smooth corporate procedures and processes (Petrovits et al., 2011; Stone & Ostrower, 2007). The government introduces a lot of regulations in order to improve organizations' accountability and transparency. For-profit organizations have to obey numerous provisions which were adopted to prevent financial scandals and improve the stakeholders' confidence and status of information. But there are not a lot of regulations for nonprofit organizations even though it is fundamental for them to be transparent and accountable for every decision. The Sarbanes- Oxley Act was intentionally adopted for publicly traded for- profit organizations in order to increase responsibilities, improve transparency and accountability to give the stakeholders a more diaphanous view on the organizations they are investing in. Even though the Sarbanes- Oxley Act was just intended to be adopted by for- profit organizations the provisions within this act concern a lot of aspects of internal control that matter for nonprofit organizations as well.
             This review discusses the Sarbanes- Oxley act and its provisions that are the most important for nonprofit organizations. Several researchers surveyed numerous nonprofits in order to evaluate to which extend certain provisions are implemented and actually beneficial. Many nonprofit firms reviewed their current practices after the adoption of Sarbanes- Oxley in 2002 in order to improve internal control processes and increase liability in the donor's view. Greater financial transparency and accountability increase the donor's confidence in supporting nonprofits; therefore, a close look on the adoption of Sarbanes- Oxley provisions in the nonprofit sector is necessary in order to understand internal control aspects which are important to raise money for their programs and also to see similarities to control problems of for- profit organizations (Mead, 2008).


Essays Related to Internal Control in Nonprofit Organizations

1. Doing good socially for businesses

... urged other restaurants to stop buying "confinement- pigs. Wicks achieved this by starting the nonprofit Philadelphia Fair Food Project, which helps build the supply lines between sustainable farmers and local restaurants (14th Annual, 3). She ... for community service (Sam Weissinger, 2). Although the partnership would generate great benefits to society, as well as to the two organizations, "There are still weaknesses in the collaboration- (Weissinger, 2). The loss for Timberland was financial, leading a lot of employees worrying about an uncertain future of ... - (Weissinger, 2). Anoth...

  • Word Count: 3324
  • Approx Pages: 13
  • Has Bibliography
  • Grade Level: Undergraduate

2. Henry Ford

... to Detroit and Ford began working for Detroit Edison Illuminating Company. His promotion to Chief Engineer in 1893 gave him enough time and money to devote attention to his personal experiments on internal combustion engines. In 1893, Ford built a gasoline engine, and within a few years, an automobile, still ... most wily of the lot, received the highest price per share, and turned to a career in the U.S. Senate (he won his race, unlike the old boss) with $30 million in the bank. Ford gained complete control of the company at a cost of $125 million -- $106 million of the stock, ... supp...

  • Word Count: 4148
  • Approx Pages: 17
  • Has Bibliography
  • Grade Level: High School

3. Henry Ford

... to Detroit and Ford began working for Detroit Edison Illuminating Company. His promotion to Chief Engineer in 1893 gave him enough time and money to devote attention to his personal experiments on internal combustion engines. In 1893, Ford built a gasoline engine, and within a few years, an automobile, still ... most wily of the lot, received the highest price per share, and turned to a career in the U.S. Senate (he won his race, unlike the old boss) with $30 million in the bank. Ford gained complete control of the company at a cost of $125 million -- $106 million of the stock, ... supp...

  • Word Count: 3922
  • Approx Pages: 16
  • Grade Level: High School

4. Business Plan - Pandofandlejoie Breweries, Inc.

... growth is fueled by exceptional employees who are given opportunities for development, challenging work, candid communication, autonomy, and support. Participate in the continuous improvement of our local community through partnerships with local artists, nonprofit arts organizations, and like-minded businesses. Grow the bottom line by designing a corporate culture that recruits exceptional talent who produce exceptional products ... facilities and alternative distribution facilities where possible and viable. Pricing Strategy Initially, our prices will not be under our control but dictat...

  • Word Count: 6484
  • Approx Pages: 26
  • Has Bibliography
  • Grade Level: Undergraduate

5. Industrial Credit and Investment Corporation - Bank to the Poor

... monthly meetings. Personal discipline leads to team discipline which ultimately leads to the SHG receiving funding from ICICI. If the SHG can show that it can save, make good internal financial and lending decisions, and better the lives of each of its members, then it will receive funding from ICICI. The ability to make timely payments, and to use ... had a positive impact and helped these women realize their full potential. "They consist of greater access to knowledge and resources, greater autonomy in decision making, greater ability to plan their lives, greater control over the circu...

  • Word Count: 5004
  • Approx Pages: 20
  • Has Bibliography
  • Grade Level: Undergraduate

6. Globalize or Die

... Cultures can, because the internet also provides glorious opportunities to not only strengthen culture but to spread their culture as well. First, the net has to be installed in the countries that don't have it. This is done by nonprofit grassroots organizations. These organizations provide proper training and web space to the people of the developing country. With this web space, people deep ... suggested that governments need to create an environment in which the poor can protect, sustain, and enrich their livelihoods. All of the IMF's activities contribute directly or indirectly to red...

  • Word Count: 2054
  • Approx Pages: 8
  • Has Bibliography
  • Grade Level: Undergraduate

7. AMD

... Konicki 2001, 2). As a technological sector firm, AMD is also deeply involved with the latest technology. For example, the company's internal website provides employees plenty of information not only for learning purposes but also for safety purposes, such as radiation control, chemical issues, hazardous energy control and waste management issues. In each of the company's local sites, the firm uses the latest technology ... The firm has also been a responsible and good neighbor that has involved the local communities in its corporate contribution programs. Some of the most important contr...

  • Word Count: 2764
  • Approx Pages: 11
  • Has Bibliography

8. Classification of Government Budget Expenditures

... managing the public funds concerned. This classification must be sufficiently detailed to identify the expenditures of all government departments, including regional departments, to give managers greater predictability and facilitate internal control, in particular management control. It depends on the country's administrative organization and must cover all administrative units. It may include different levels, from ministries and higher institutions, departments and directorates, right down to ... financial institutions Subsidies to other categories of beneficiaries Transfers Transfer...

  • Word Count: 1051
  • Approx Pages: 4
  • Grade Level: Undergraduate

9. Art, Artists and Mental Illness

... So how do we 'define' creativity? In modern society people tend to have systems, structures, organizations and definitions for everything. There are too many definitions of creativity due to the nature of it. According to Gomez in his article, What Do We Know About Creativity? ... art can stimulate the release of dopamine. Dopamine is a neurotransmitter that carries information from one neuron to another. It plays important roles in motivation, cognitive control and reward (the feeling of pleasure). According to Dr. Malchiodi, '' And the more recent research of Professor Semir...

  • Word Count: 2430
  • Approx Pages: 10
  • Has Bibliography
  • Grade Level: Undergraduate

Got a writing question? Ask our professional writer!
Submit My Question