Despite their altruistic missions, nonprofit organizations are not immune to the threat of financial fraud. In fact, the Association of Certified Fraud Examiners estimates that nonprofits face a loss of more than $40 billion a year to fraud, prevalent in more than 20 percent of organizations.
Being aware and taking preventative action are the best proactive strategies, though to their own admission, nonprofits are a bit lacking in these measures. According to Abila’s 2016 Nonprofit Finance Study, 35 percent of respondents say their organizations do things that put them at risk for fraud, and only 38 percent say their management team and board are very educated on how to avoid fraud.
Join Abila for a live webinar, “The Fact of the Matter: Nonprofit Fraud,” on Wednesday, January 4, as we put the spotlight on nonprofit fraud prevention. Featuring the expertise of Dena Jansen, CPA and Audit Partner for Maxwell Locke & Ritter, and Harold Ingersoll, CPA and Certified in Financial Forensics (CFF) at Atchley & Associates, LLP, we’ll dig deeper into the combination of events that can contribute to fraud, how to spot the “red flags,” and ways you can better protect your organization against fraudulent activities.
In the meantime, check out our Nonprofit Fraud Infographic …