There is a consensus on the need for governance principles that enhance nonprofits and strengthen public trust in nonprofits. In 2004, as recommended by the Leaders of the United States Senate Finance Committee, the nonprofit sector was convened by the independent sector to evaluate nonprofit good governance principles. The panel concerned itself with strengthening the governance, transparency and accountability mechanisms of foundations and charities. This panel produced 150 recommendations for Congress, the Internal Revenue Service (IRS) and nonprofits to consider in strengthening their governance and ethical conduct. After robust consultations and engagement with stakeholders, it brought about the development of [...]