Enterprise Risk Management in Nonprofit Organizations – 2024 Workshop Takeaways
On February 22-23, 2024, GRF and NC State University’s Enterprise Risk Management Initiative convened over 100 nonprofit executives and board members to discuss enterprise risk management strategies and tactics. This 5th annual workshop, “Navigating the World of Uncertainties Impacting Nonprofit Organizations,” aims to fill a gap in the resources available to tax-exempt organizations seeking to…
Optimize Risk Management Efforts with Enhanced Collaboration
To some extent, all business functions are responsible for managing risks. However, certain departments have direct responsibilities in risk management, such as Internal Audit, Enterprise Risk Management (ERM), and Fraud Risk Management. Integrating and fostering collaboration between these functions can result in more effectively addressing risks and protecting against fraudulent activities. This is particularly critical…
How INGOs Can Maximize Their Internal Audit Function
International Non-governmental Organizations (INGOs) are particularly vulnerable to fraudulent activity due to their multinational offices and dependence on remote access technologies. These geographically dispersed organizations need to get the full benefit of their internal audit function, where most fraud can be detected or prevented. This was a prevailing issue at a recent Humentum CEO Roundtable…
How Internal Audit Can Support Whistleblower Investigations
By Melissa Musser, Partner and Director GRF Risk & Advisory Services, President of the IIA Washington DC Chapter. Do you know if an employee is stealing from your company? Quite often, the first hint of a problem comes from an insider tip. Having a comprehensive whistleblower program in place is a powerful early warning mechanism…
Workshop Highlights: Navigating the World of Uncertainties Impacting Non-Profit Organizations
The 4th Annual GRF /NC State ERM Workshop for Nonprofits was held on February 23 and 24, 2023. Nonprofit executives and board members from across the U.S. came together to share their experiences and discuss strategies and tactics for strengthening enterprise risk management at tax-exempt organizations. Melissa Musser, Partner and Director of GRF’s Risk Advisory…
Charity Navigator Rolls Out New Encompass Rating System
By Katelyn Miller, CPA, MST, Manager, Nonprofit Tax In one of the largest updates in recent memory, Charity Navigator has rolled out the first of four significant changes to their rating system. The Encompass Rating System expands the number of charities the organization rates from 9,000 to 160,000 – the most in its history. What…
IT Security is More Critical than Ever for Nonprofits and Associations
By Melissa Musser, CPA, CITP, CISA, Principal With employees working from home, many nonprofits and associations (particularly smaller organizations) are more concerned than ever about information technology (IT) security. The issue is of even greater concern to organizations whose employees use their personal laptops and other electronic equipment to do their job remotely. With this…
Retirement Plan Options during the COVID-19 Crisis
By Jennifer McCahill, CPA, Partner Individuals and organizations are looking for ways to gain access to cash during this time of financial and economic uncertainty. As Congress and the Administration discuss additional aid packages, we are seeing changes to the traditional regulations that would allow individuals and organizations to access funds through retirement plans. There…
UG Compliance Requires Awardees Address Key Sub-Recipient Risk Areas
By Tom Netznik, CPA | Nonprofit Audit Manager Whether your organization has historically provided sub-awards to domestic or international nonprofit organizations or is new to these types of transactions, there are important steps you should take to not only ensure compliance with federal regulations, but also protect your organization from possible loss due to unallowable…
Internal Audit is a Critical Investment for Nonprofit Organizations
By Mark Tessar, CPA, CIA | Nonprofit Audit Supervisor By their nature, tax-exempt entities are under extraordinary scrutiny. With the IRS, external auditors, donors, watchdogs and stakeholders all analyzing their finances, nonprofit organizations must implement effective internal controls that decrease the likelihood of fraud, accounting mistakes or other inappropriate accounting practices that could impact the…