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Does Mass. Law Force Sarbox on Non-Profits?

Does Mass. Law Force Sarbox on Non-Profits?

by Toby Lucich on February 8, 2008

A Massachusetts healthcare workers union is asking board members of Beth Israel Deaconess Medical Center to apply Sarbanes-Oxley Act disclosure rules to the non-profit hospital’s audits.

The 1199 SEIU United Healthcare Workers East sent letters to six of Beth Israel’s 18 board members, who also serve as executives or sit on boards of public companies, citing state law as a precedent for the request. The SEIU acknowledges that under federal law non-profit organizations are not required to adhere to Sarbox provisions. However, the union says that under Massachusetts law, non-profit directors must use their expert knowledge and experience in their role as non-profit fiduciaries. As a result, argue union officials, any director who applies Sarbox standards to their public company duties are required to do the same at a non-profit.

Does Mass. Law Force Sarbox on Non-Profits?

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