Lack of Staff Could Render Nonprofits Vulnerable to Fraud and Scams
Original post by ECFA on August 18, 2015
While most well-intentioned nonprofits make efforts to prevent financial fraud, each year many of these organizations lose millions of dollars due to inadequate safeguards against scams and crime. A newly released Nonprofit Financial Management Survey, by the Evangelical Council for Financial Accountability (ECFA), found that nearly 40 percent of financial management teams lack annual fraud prevention procedures, checklists and similar reviews.