It is worth reading Pablo Eisenberg essay on this very subject (via Niemans)
The crisis in accountability in recent years has become all the more acute as the number of operating nonprofits has grown enormously and the sector has assumed even greater responsibility for society’s well being. Public expectations are greater than ever. Public confidence in their performance and integrity is, of course, the key to nonprofits’ ability to raise money. While most nonprofits are honest and transparent, the small number that are not can stain the reputation of the entire field. That is why there must be oversight mechanisms to ensure that both nonprofit organizations and philanthropic foundations operate ethically and effectively. The loss of daily newspapers and the investigative journalism they have traditionally provided will make this task much more difficult.