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Not-for-Profit Organizations Fraud Prevention and Detection: Common Scenarios and Red Flags

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Tuesday, September 1, 2020

Recorded event now available

This course will provide nonprofit advisers and individuals involved with NPOs practical guidelines to identify and prevent common fraudulent schemes perpetrated against these organizations.

Description

Every entity should implement practices and procedures to deter fraud. Nonprofit organizations, often run by volunteers or with limited staffing that creates segregation of duties challenges, may be more vulnerable than for-profit businesses. Nonprofit advisers working with NPOs as well as individuals working at NPOs need to ensure proper controls are in place to identify and prevent fraud from negatively impacting these worthy organizations.

Accounts of fraud and embezzlement at the expense of nonprofits pose a significant reputational risk for NPOs. The IRS requires disclosure via question number 5 on IRS Form 990, Return of Organization Exempt From Income Tax, which asks, "Did the organization become aware during the year of a significant diversion of organization's assets?" For NPOs filing the 990, this answer and its related disclosures on Schedule O, will be viewed by all peruses of the organization's 990.

Listen as our panel of nonprofit experts explains the prevalence of charitable fraud, including recent examples of NPO embezzlement, common fraud schemes, recognizing red flags, and steps NPOs can take to prevent the most frequent fraud scenarios. A simple understanding of typical schemes and the implementation of relatively simple, cost-effective procedures can circumvent later agony.

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Outline

  1. Prevalence of fraud
  2. Recent examples of fraud
  3. Common types of fraud schemes
  4. Red flags
  5. Preventive and detective internal controls

Benefits

The panel will review these and other pertinent issues:

  • How can NPOs strengthen internal controls to guard against certain fraud?
  • What are the red flags that could lead to the identification of fraud?
  • What types of embezzlement commonly take place at NPOs?
  • What are easily implemented safeguards to protect an NPO?

Faculty

Altholz, Amy
Amy Altholz, CPA, CGMA
Partner
RubinBrown

Ms. Altholz is the Vice Chair of the Firm's Not-For-Profit Services Group. Her focus is on assurance services and...  |  Read More

Loeschner, Brandon
Brandon Loeschner, CPA, CISA, CGMA
Partner
RubinBrown

As Gaming Services Practice Leader, Mr. Loeschner is responsible for strategy, growth, client service, quality control...  |  Read More