What's Good for the Goose is Not Good for the Gander: Sarbanes-Oxley-Style Nonprofit Reforms
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Issue Date
2007Author
Mulligan, Lumen N.
Publisher
University of Michigan Law School
Type
Article
Article Version
Scholarly/refereed, publisher version
Published Version
http://www.michiganlawreview.org/assets/pdfs/105/8/mulligan.pdfVersion
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=958302
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In this article, I contend that these Sarbanes-Oxley-inspired, state, nonprofit reforms, particularly the costly disclosure requirements, will be of little value in the effort to improve ethical nonprofit board governance. The article proceeds as follows. Part II provides a primer on the oversight of nonprofit organizations. Part III reviews the recent Sarbanes-Oxley-like nonprofit reforms introduced in seven states. Part IV contends that the disclosure-focused reforms, which form the bulwark of these acts, will not foster ethical nonprofit board governance. Part V argues that this failure stems from the inappropriate application of a stockholder-based, normative perspective in the nonprofit sector. The article concludes by noting that appropriating a normative construct more tailored to the nonprofit community, namely stakeholder theory, is essential to drafting effective nonprofit sector reforms in the future.
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Full-text available at SSRN. See link in this record.
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Citation
Lumen N. Mulligan, What's Good for the Goose is Not Good for the Gander: Sarbanes-Oxley-Style Nonprofit Reforms, Michigan Law Review, Vol. 105, p. 1981, August (2007).
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