nonprofit finances

The Possibility Of Fraud – A Nonprofit Board Alert

The Possibility Of Fraud – A Nonprofit Board Alert

By: Eugene Fram              Free Digital Image

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“According to a Washington Post analysis of the filings from 2008-2012 … of more than 1,000 nonprofit organizations, … there was a ‘significant diversion’ of nonprofit assets, disclosing losses attributed to theft, investment frauds, embezzlement and other unauthorized uses of funds.” The top 20 organizations in the Post’s analysis had a combined potential total loss of more than a half-billion dollars. *

One estimate, by Harvard University’s Houser Center for Nonprofit Organizations, suggests that fraud losses among U.S. nonprofits are approximately $40 billion a year. **

Vigilant nonprofit boards might prevent many of these losses. Here’s how: (more…)

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NonProfit Management/Governance – Avoiding Fraud – Internal Controls

Nonprofit boards do not have  effective ways to reduce nonprofit fraud is a common misconception among nonprofit board directors.  Board directors should be familiar with seven audit-related topics.  In today’s vigilant environment, the board must be involved.  (more…)