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Laws and Regulations
This area deals with identifying and interpreting the impact of government regulations and law on the organization; identifying the need for and working with others to develop new regulations and laws; investigating, monitoring, documenting, and enforcing existing statutes; and maintaining communication and cooperation with both public and private organizations.
Sarbanes – Oxely
Posted by: Juni Muhota on June 28, 2009 at 1:11PM EST

To what extent are not for profit organizations implementing the SO guidelines into board oversight? While it is a process that guides publicly traded companies, the principles certainly seem to mesh well for any well-managed HCO. Please share your experiences within your organizations. Our board structure has recently changed from a joint-conference committee structure to one that involves key community members. We have a great opportunity now to address the expectations, evaluations and improvement process of the group’s function over time.

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(2) Comments
Posted by: Sue Beaulieu on July 1, 2009 8:10PM EST
We are a municipally owned facility and not required to follow Sarbanes Oxely as noted by Juni. During our annual year end audit our auditors do provide us information on our compliance with Sarbanes if we were to fall under the regulation. Our Board of Managers take their fiduciary resposibility very seriously and likes us to keep it mind, since it has become a business standard.

Posted by: John Denbo on July 4, 2009 11:33AM EST
We are a not for profit county owned hospital with a publicaly elected board. We have adopted the Sarbines Oxely compliance as one of our goals and like Sue our auditor s give us feedback on our compliance. We feel that doing this is safe and since we already are subject to sunshine laws and have public board meetings, we feel do not feel that it is an increased burden.