On August 17, 2005, Independent Sector released a list of steps that charitable nonprofit organizations can take to help improve and demonstrate their accountability. The checklist, which incorporates recommendations made in the Panel on the Nonprofit Sector’s Final Report to Senators Charles Grassley and Max Baucus, Chair and Ranking Member, respectively, of the U.S. Senate Finance Committee, calls on such organizations to:
1. Develop a culture of accountability and transparency.
2. Adopt a statement of values and code of ethics.
3. Adopt a conflict of interest policy.
4. Ensure that the board of directors understands and can fulfill its financial responsibilities.
5. Conduct independent financial reviews, particularly audits.
6. Ensure the accuracy of and make public their Forms 990.
7. Be transparent.
8. Establish and support a whistleblower protection policy.
9. Remain current with the law.