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no plagiarize, spell check, and check your grammar.Ask at least one question in response to an original peer post that you would like the author to explore further. Please use the references below

The Sarbanes-Oxley Act was created to restore public trust in the corporate sector after several corporate and accounting scandals. With that, a few provisions came along with implications to help nonprofits. I’m choosing to speak on the provision of Insider Transactions and Conflicts of Interest, which is presumably keeping the creator or members from pocketing money from loans or checks in the form of personal benefit. Providing loans to nonprofit members has caused cases of trouble in the past, and because of that, it is prohibited under Sarbanes-Oxley. In some states, it is not permitted for nonprofit organizations, and it is strongly recommended that nonprofit organizations not provide personal loans to members of nonprofit organizations. Own benefit is when any person, regardless of status, gets some sort of financial gain that goes along the boundaries of its original charitable purpose. There’s also another conflict of interest called private inurement. When it comes to a nonprofit, you have to realize that any money that’s presented is to help benefit the group as a whole so they’ll be able to carry out their missions. Taking in and applying a conflict of interest policy is going to be the best strategy for dealing with disputes that could ruin the reputation or even bring up the possibility of losing funding. With any money that comes in, they should be approved by board members, and the process for allocating the loan needs to be documented and signed, and the value and terms of the loan should be disclosed. The policy should also be inforced on a without exception point of view.

References

Conflicts Of Interest: Manageable… Unless They’re Not Conflicts Of Interest

https://www.marylandnonprofits.org/conflicts-of-interest-manageableunless-theyre-not-conflicts-of-interest/ (Links to an external site.)

BoardSource. (2003, March 1). The Sarbanes-Oxley Act and Implications for Nonprofit Organizations. GuideStar. Retrieved from https://trust.guidestar.org/the-sarbanes-oxley-act…

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