The Panel on the Nonprofit Sector has published a final report with 120 recommendations to strengthen the accountability, transparency and governance of nonprofit organizations (blogged here).  Independent Sector, which convened the Panel in October 2004 with the encouragement of the U.S. Senate Finance Committee, has published a 9-step Checklist for Accountability to be used to evaluate and strengthen nonprofit organizations’ governance and transparency:

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.

To test your nonprofit organization’s accountability IQ, see here.