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Abstract: 

New York State Attorney General Eliot Spitzer is on a crusade for accountability in the nonprofit sector. In March 2003, he proposed state legislation to enhance accountability of organizations not covered by the federal Sarbanes- Oxley Act (Public Law No. 107-204, July 30, 2002), including many nonprofits. The proposed legislation—designed to ensure that nonprofits (and for-profits) do a better job of policing themselves—contains provisions similar to those in the Sarbanes-Oxley Act. Specifically, the proposed New York law would protect whistleblowers who report fraud, require corporate officers to sign public reports, mandate an audit committee, and force entities to reveal transactions involving directors, officers, and staff (i.e., insiders).

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