Fraud can come in between you and your not-for-profit’s Cinderella story. Not-for-profits are especially at risk for fraud; they even top the list as third-most common victims of embezzlement! Why is their risk so high? The answer is partially because of risks specific to the not-for-profit industry from inadequate controls for financial oversight to volunteers privy to confidential information. How can fraud affect your not-for-profit organization? The costs of fraud extend far beyond financial losses—which can be high on their own with an average loss for not-for-profits of $673,664. Fraud can also impact the reputation of the organization and its leaders.
Would you like to help ensure potential fraud impacts are minimized for your organization? Download the full CRInsight to learn several key questions to ask to begin evaluating fraud risk and the internal controls to help ensure your organization doesn’t fall victim and lose its fairytale ending.