February 13, 2006
Some Thoughts on the Getty Trust
Posted by Lisa Fairfax

I just wanted thank Gordon, Christine and Vic for letting me participate in discussions these past two weeks. I could not resist one "final" thought. The New York Times reported that the president of the J. Paul Getty Trust in Los Angeles resigned last week under pressure regarding allegations of his improper use of funds. I could not help but wonder if his resignation suggests that nonprofit institutions have been indirectly impacted by changes in corporate governance norms within the for-profit community, particularly the apparently greater scrutiny that CEOs have experienced in the post-Enron era.

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Comments (3)

1. Posted by Gordon Smith on February 13, 2006 @ 22:10 | Permalink

Thanks for your guest blogging, Lisa.

2. Posted by Christine on February 14, 2006 @ 9:20 | Permalink

Thanks, Lisa! See you in April.

3. Posted by Drew on February 15, 2006 @ 12:49 | Permalink

I can't tell if this question is serious. If it is, the answer is YES!

The IRS is pushing conflict of interest policies, focusing on executive compensation big time, and shifting from a "pro-client" to a "pro-enforcement" approach to exempt organizations.

Meanwhile, Senator Grassley has become a quite the letter-writer, sending inquiries to many charities (most recently, the Red Cross) with lots of pointed questions about governance and spending controls.

There have been hearings before the Senate Finance Committee and House Ways & Means on "abuses" by charities and more is in store.

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