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Article of Interest- Fraud at Not-For-Profit Organizations

Recommended By: Kim Fusco

A recent Washington Post article has gotten a lot of attention in the nonprofit arena because it discusses the wide spread issue of fraud in nonprofit organizations.  The Post investigated which charities responded Yes to the 990’s question “Did the organization become aware during the year of a significant diversion of the organization’s assets?” (defined as $250k or 5% of either total assets or revenue).  The article also includes a link to a listing of all these nonprofit organizations.  See the link below:

http://www.washingtonpost.com/investigations/inside-the-hidden-world-of-thefts-scams-and-phantom-purchases-at-the-nations-nonprofits/2013/10/26/825a82ca-0c26-11e3-9941-6711ed662e71_story.html

Nonprofit organization can & should take immediately steps to improve their internal controls, which should help to prevent or detect employee fraud & embezzlement. Ellin & Tucker can assist or provide information to anyone interested in learning more about internal controls in the not-for-profit industry.


kimbw

As a Principal in Ellin & Tucker’s Audit, Accounting, and Consulting Department, Kim is dedicated to performing high-quality audit, tax, and advisory services to numerous not-for-profit organizations and foundations.  As Chair of the firm’s Not-For-Profit Services Group, Kim’s extensive knowledge of not-for-profit audit and accounting standards, including OMB A-133 audits, have helped grow the firm’s not-for-profit services group practice to more than 100 organizations in the Baltimore region.

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