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October 24, 2019 By Richard Bowen

How Will It Look in the Newspaper?

Graphic of newspaper with headline that reads, "Illegal action conflicted with values, staff felt terrible, never asked if participation was wrong." There has been a strong spotlight on nonprofits in the last several years, from taxation issues to ethical concerns. Unfortunately, a few nonprofits have made the headlines as a result of ethical and governance malfeasance and so more nonprofits are under scrutiny and overall have lost public trust.

Picture of Richard M. Bowen speaking at a conference.
Richard M. Bowen speaking at a workshop on Ethics and Conflicts of Interest.

I had the honor recently of leading a workshop at the University of Texas at Dallas, Institute for Excellence in Corporate Governance, on Ethics and Conflicts of Interest for nonprofit CEO’s and Board members. We talked about the absolute need to implement effective Ethics and Compliance policies to combat the issues facing many businesses today, not just nonprofits.

I reminded participants that ethics is a set of moral principles. Ethical issues arise in nonprofits in compensation, conflicts of interest, publications and solicitation, financial integrity, investment accountability, and strategic management.

 

Eroding public trust

Unfortunately, public trust has eroded over the years due to some very public scandals involving nonprofits. In fact, a Harris Poll found that only one in 10 Americans strongly believed that charities are honest and ethical in their use of donated funds. Nearly one in three believed that nonprofits have “pretty seriously gotten off in the wrong direction.”

And a Brookings Institution survey found that about one third of Americans reported having “not too much” or no confidence in charitable organizations, with 70 percent feeling that charitable organizations waste “a great deal” or a “fair amount” of money.”

The key aspects of nonprofits are accountability, trustworthiness, honesty, and openness to every person who has invested time, money, and faith into the organization. Nonprofit organizations are accountable to the donors, founders, volunteers, program recipients, and the public community. Public confidence is a factor in the amount of money that a nonprofit organization can raise, and can significantly hurt their ability to meet their mission.

Start at the top

Grahpic of two faceless people carrying the word Ethics, with the rear person hanging from the word.
Image courtesy of Pixabay.

Instilling an ethical culture starts at the top with setting high standards for everyone, making difficult decisions consistently and having a culture that embraces continuous improvement. In organizations that do not have an ethics and compliance program, 68% of employees have observed two or more types of misconduct in a year’s time, compared to just 22% in a culture that has a well-implemented program.

In those organizations only 60% of their employees reported the incidents, and nearly 40% stayed silent, largely due to feelings of futility or fear. And indifference is harder to combat than fear. Staying silent is not the answer.

I reminded the attendees that responsible organizations are true to their missions; responsible organizations act as if outcomes matter and responsible organizations are candid and transparent.

Quick test

And I also reminded them of the Ethics Quick Test, in this case attributed to TI (Texas Instruments), that can be a pulse taker if there are doubts on what their ethical decision needs to be:

  • Is the action legal?
  • Does it comply with our values?
  • If you do it, will you feel bad?
  • How will it look in the newspaper?
  • If you know it’s wrong, don’t do it! If you’re not sure, ask. Keep asking until you get an answer.

Raising the bar on all things ethical, having a program and processes in place that are meticulously followed; knowing and acting as if all eyes are upon them – because yes, being a nonprofit means everyone is always watching you – with so many issues and concerns today that need addressing it has never been as important for nonprofits to accomplish the work they do. To accomplish their missions, having public trust is critical. Ethics has never been more important.

LA VERDAD INTERNACIONAL… │The Whistleblowers and Justice
Boeing and the Perfect Storm

Tagged With: ethical leadership, Ethics, Leadership, nonprofit

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Richard Bowen is widely known as the Citigroup whistleblower. As Business Chief Underwriter for Citigroup during the housing bubble financial crisis meltdown, he repeatedly warned Citi executive management and the board about fraudulent behavior within the organization. The company certified poor mortgages as quality mortgages and sold them to Fannie Mae, Freddie Mac and other investors.

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What People Are Saying About Richard M. Bowen

William D. Cohan"Richard Bowen is one of my heroes. His is a story of human fortitude at its best and Wall Street at its worst."

~ William D. Cohan, NY Times Best Selling Author
2017-06-30T10:08:59-05:00
"Richard Bowen is one of my heroes. His is a story of human fortitude at its best and Wall Street at its worst." ~ William D. Cohan, NY Times Best Selling Author
https://richardmbowen.com/testimonials/2556/

Eileen McDonnell"Richard Bowen reinforced my motto that "there is no right way to do a wrong thing.” Long after his presentation, the conversation has continued about personal responsibility and the courage to challenge things that appear to be wrong. We encourage this dialog and rely on it to help make our business stronger."

~ Eileen McDonnell, Chairman, CEO, & President, Penn Mutual
2015-02-13T19:51:19-06:00
"Richard Bowen reinforced my motto that "there is no right way to do a wrong thing.” Long after his presentation, the conversation has continued about personal responsibility and the courage to challenge things that appear to be wrong. We encourage this dialog and rely on it to help make our business stronger." ~ Eileen McDonnell, Chairman, CEO, & President, Penn Mutual
https://richardmbowen.com/testimonials/711/

Ben Stein"Richard Bowen, you are a star and a hero."

~ Ben Stein, Economist and Political Commentator
2015-02-13T19:50:26-06:00
"Richard Bowen, you are a star and a hero." ~ Ben Stein, Economist and Political Commentator
https://richardmbowen.com/testimonials/712/

Jim Farrell"Richard's speech at the April Financial Executives International dinner was informative, interesting, riveting, and fast moving.  The feedback from members was overwhelming positive, and Richard received one of the few standing ovations given by our membership."

~ Jim Farrell, Program Chairman, Dallas Chapter, Financial Executives International
2014-12-28T19:48:17-06:00
"Richard's speech at the April Financial Executives International dinner was informative, interesting, riveting, and fast moving.  The feedback from members was overwhelming positive, and Richard received one of the few standing ovations given by our membership." ~ Jim Farrell, Program Chairman, Dallas Chapter, Financial Executives International
https://richardmbowen.com/testimonials/532/

Dennis McCuistion"Richard Bowen has been there, done that, and has the scars to prove it, and his message of corruption at the highest levels of industry and government needs to be heard. I only wish that more bankers had the courage that Bowen exhibits. He is not only one of the most talented bankers I have ever met, he has more integrity than all the bankers on Wall Street put together. If his former employer had listened to him taxpayers would not have had to bail out Citi for the third time in the last 30 years."

~ Dennis McCuistion, Host of the McCuistion TV program
2014-12-28T19:48:06-06:00
"Richard Bowen has been there, done that, and has the scars to prove it, and his message of corruption at the highest levels of industry and government needs to be heard. I only wish that more bankers had the courage that Bowen exhibits. He is not only one of the most talented bankers I have ever met, he has more integrity than all the bankers on Wall Street put together. If his former employer had listened to him taxpayers would not have had to bail out Citi for the third time in the last 30 years." ~ Dennis McCuistion, Host of the McCuistion TV program
https://richardmbowen.com/testimonials/533/

Betty Garrett"Richard Bowen is a dynamic, entertaining speaker and story-teller - a CPA with a great personality!"

~ Betty Garrett, Garrett Speakers International
2014-12-28T19:47:50-06:00
"Richard Bowen is a dynamic, entertaining speaker and story-teller - a CPA with a great personality!" ~ Betty Garrett, Garrett Speakers International
https://richardmbowen.com/testimonials/531/

fred-timmons"I believe Richard Bowen is the only keynote speaker to ever receive a standing ovation from the Texas Society of CPA’s at any of its annual conferences."

~ Fred Timmons, Chairman of The Texas Society of CPA's
2014-12-28T19:47:22-06:00
"I believe Richard Bowen is the only keynote speaker to ever receive a standing ovation from the Texas Society of CPA’s at any of its annual conferences." ~ Fred Timmons, Chairman of The Texas Society of CPA's
https://richardmbowen.com/testimonials/530/

Presentation Topics

Playing for High Stakes: The Principles and Practice of Ethical Leadership

Dark Citi: The Story of a Whistleblower

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Now an ethical leadership speaker, Richard Bowen was Citigroup's Business Chief Underwriter during the housing bubble.

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