On October 18, 2007, the Panel on the Nonprofit Sector issued the final version of its Principles for Good Governance and Ethical Practice for charitable organizations. The report was the product of three years of work by this group which was convened at the request of the Senate Finance Committee in 2004.

The document lists 33 different principles, which are broken down into four areas:

(1) Legal Compliance and Public Disclosure;

(2) Effective Governance;

(3) Strong Financial Oversight; and

(4) Responsible Fundraising.

According to the Panel, six of these principles describe actions that are, or should be, required by law. The other 27 describe actions that nonprofit organizations should consider implementing. However, since prior panel recommendations have been enacted into law, the Boards and managers of nonprofit hospitals and health care systems should sit up and take notice, because the IRS, the Congress and state attorneys general are almost certain to adopt some of the key recommendations.

To help explain these principles and put them in perspective, HortySpringer attorneys Monica Hanslovan and Dan Mulholland walk you through the principles and suggest what you should be doing about them now.

Audio CD/MP3: $225

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