Read our quarterly nonprofit newsletter for the latest in charitable developments

Understanding internal controls Why nonprofits need both preventative and detective policies

The median loss for nonprofits that fell victim to fraud was $60,000, according to the Association of Certified Fraud Examiners’ (ACFE) Occupational Fraud 2022: A Report to the Nations. The average loss for nonprofits was $851,000. Such losses could prove devastating for many organizations. But with strong internal controls to prevent and detect fraudulent activity, organizations can reduce this risk.

The ACFE report found that almost 30% of the victim organizations lacked adequate internal controls to prevent fraud from occurring. In addition to minimizing fraud, comprehensive internal controls also help ensure accurate accounting records and financial statements. And strong internal controls are essential for compliance with relevant laws, regulations and grant requirements.

Continue reading Understanding internal controls Why nonprofits need both preventative and detective policies

What nonprofits need to know about alternative investments

With today’s economic uncertainty, businesses, including nonprofit organizations, are increasingly considering the use of alternative investments. But these investments can have unexpected tax implications for nonprofits. Here’s what you need to know before your organization moves ahead.

Continue reading What nonprofits need to know about alternative investments

NEWSBYTES

Watchdog launches campaign to measure equitable funding

Candid, the nonprofit evaluation organization that resulted when GuideStar and Foundation Center merged, has announced a new data-driven campaign to encourage equitable funding practices. “Demographics via Candid” is designed to provide a standardized benchmark measurement, reduce inefficiencies and cut down on duplicate information requests from funders.
Continue reading NEWSBYTES