Most people who know the acronym COSO (Committee of Sponsoring Organizations of the Treadway Commission) immediately think of publicly traded companies. COSO came upon the scene when Sarbanes-Oxley became a household name.
So why bring up COSO in the context of nonprofit organizations?
The recently issued Uniform Grant Guidance from the Office of Management and Budget stresses the need and importance of strong internal controls for nonprofits, and especially for those receiving federal awards and grants. Adoption of the COSO framework is not mandatory but strongly encouraged. (more…)