An article we ran in a recent newsletter, More Than Money, dealt with fraud in nonprofit organizations. It’s unfortunate that individuals commit fraud against organizations that do good work for our community. As discussed in this article, typically nonprofit organizations are afraid of the brand damage that fraud could potentially cause. However, when dealt with in an appropriate manner, the organization’s reputation doesn’t have to be tainted or suffer. Fraud and Forensic accountants recommend that instead of taking immediate action, you hire a professional to conduct an internal investigation. By avoiding an abrupt reaction you can put your organization on a winning track to recovering your lost funds and instituting strong internal controls to avoid future fraud. Below are tips that can help you and your organization possibly avoid losing a winning case and/or recover lost funds:
The GRF Blog
GRF's partners, auditors and accountants share their professional insights into financial management issues of interest to nonprofits, international non-governmental organizations, government contractors, businesses and individuals. Subscribe to our posts in the right column.
Jackie’s leadership allowed me to stay focused when faced with an audit a month after returning from extended leave. She stays in contact with me throughout the year and responds immediately to any questions ... I am always impressed by the quick turnaround time. Our audit always goes smoothly.
Feng Zhang | Finance Manager
The Arc of the United States