Last week’s US Senate hearings on how non-profit organizations work is likely to lead to new legislation in the fall. “Like the 2002 Sarbanes-Oxley Act targeting public companies, the draft seeks to make non-profits’ dealings transparent and accountable. It proposes, among other things, increased and timelier financial reporting and auditing, more reliance on independent directors, limits on board size and on pay, and stiffer penalties for violations. It also would create restrictions on donor-advised funds, a fast-growing area of philanthropy not now subject to any special government rules.”