A nonprofit founded by a group of professional athletes, including Tony Hawk, Muhammad Ali, Andre Agassi, and Mia Hamm, Athletes for Hope assists athletes in carrying out their charitable activities and connecting with community and charitable organizations. While helping professional athletes to determine the most effective ways to give back to their communities, the organization promotes philanthropy across the sports industry as a whole.
Each September, Athletes for Hope honors the memory of September 11, 2001, with its annual 9-11 week of service. In 2014, NBA athlete Kyrie Irving, a point guard for the Cleveland Cavaliers, celebrated the initiative with a surprise visit to Beech Brook, a Cleveland social services and behavioral health agency. Facilitating services such as foster care, counseling, and family health care, the charity annually assists more than 22,000 local children and families.
Irving surprised and delighted children with his unexpected entrance into a Beech Brook classroom, where he answered several questions from young fans. Afterward, he joined the students to play and take photographs on the basketball court. The Cavalier also attended the Beech Brook fashion show, where he shared insight into his own personal influences and journey to success, in addition to meeting, taking pictures with, and signing autographs for several more Beech Brook families and kids.
Enacted in 1977, the Foreign Corrupt Practices Act (FCPA) serves to prevent the payment of bribes from US corporations to foreign government or political entities for the purpose of securing or retaining business. The act has a global jurisdiction and extends to publicly traded companies and their executive officers, directors, employees, and stockholders. The FCPA also applies to a company’s agents, which may include distributors, consultants, joint-venture partners, and other third-party associates.
The US Securities and Exchange Commission (SEC) and the Department of Justice share the responsibility of enforcing the FCPA, which consists of two provisions. The act’s anti-bribery provision falls under the enforcement of the Department of Justice, while the SEC manages the enforcement of the accounting provision. Moreover, the SEC maintains a specialized unit within its Enforcement Division for the purpose of FCPA regulation. Under the FCPA’s accounting provisions, issuers must keep accurate records of all assets and transactions. In addition, they must maintain a system of internal controls to ensure sufficient documentation. These internal regulatory guidelines work to ensure that all transactions receive proper authorization, in addition to requiring proper oversight of all asset management activities.
Violation of the FCPA may result in civil enforcement against the infringing issuer. The SEC may take action against violating corporations and their officers, managers, shareholders, and personnel, and consequences often include the obligation to relinquish any profits gained from the illegal practices.