Transparency concerns and the concomitant accountability challenges have motivated policy and legal scholars to explore information-based regulatory approaches. We examine their usefulness in the context of the nonprofit sector which tends to show signs of governance failure. Although nonprofits are required by law to disclose information on fund use, nonprofit donors face difficulties in accessing and interpreting information about how nonprofits are deploying resources. Charity watchdogs make this information available to donors in a convenient format. In theory, this should allow donors to reward nonprofits that devote resources to service delivery and to punish those that are less careful about controlling overheads. To test the relationship between charity ratings and donations, we examine 90 nonprofits in the state of Washington for the period 2004-2007. Drawing on ratings data provided by Charity Navigator, we find that changes in charity ratings tend not to affect donor support to these nonprofits. We explore this statistical finding via interviews with 10 charities located in Washington State. Supporting the statistical results, we find that charities believe that donors tend not to systematically embed ratings in their donation decisions. Instead, they believe that donors assess nonprofits' effectiveness and trustworthiness via other means such as familiarity, word-of-mouth, or the visibility of the nonprofit in their community. In sum, the policy challenge is to provide information which users desire such as organizational effectiveness as opposed to basic fund allocation in the case of non-profits. What matters for policy efficacy is not how much information is provided but of what type.Résumé Les problèmes de transparence et les défis concomitants de responsabilité ont motivé les institutions et les juristes pour explorer des approches réglementaires basées sur l'information. Nous examinons leur utilité dans le contexte du secteur non lucratif, qui montre des signes d'échec de gouvernance. Bien que les organisations à but non lucratif soient tenues par la loi de dévoiler des informations sur l'utilisation des fonds, les donateurs à but non lucratif font face à des difficultés pour accéder et interpréter les informations sur l'utilisation des ressources par les organisations à but non lucratif. Les associations caritatives de surveillance rendent disponibles ces informations aux bailleurs de fonds sous un format pratique. En théorie, cette action devrait permettre aux donateurs de récompenser les organisations à but non lucratif qui consacrent des ressources pour les prestations de services, et de punir celles qui sont moins rigoureuses sur le contrôle des frais généraux. Afin de mesurer le rapport entre les notations des associations caritatives et les dons, nous examinons 90 organismes à but non lucratif dans l'É tat de Washington, pour la période 2004-2007. Nous appuyant sur les données des notations fournies par Charity Navigator, nous constatons que les changements dans les notations des associat...