SpectrumCareers’ Post

Nonprofits often face unique challenges depending on their size, scope, and activities. Union General provides customized coverage options that address these specific needs, ensuring that the organization is fully protected against the risks it faces. #UnionGeneral #Insurance #Nonprofit #Community #BackToSchool https://conta.cc/4cT9CoA

Did you know that the median fraud loss for not-for-profit organizations is $76,000? That's according to the Association of Certified Fraud Examiners (ACFE)'s recent 2024 study. While this number in fraud loss is half the size of those within other for-profit industries, even these numbers can be crippling for many not-for-profits. What board members should know and what they can do to protect themselves and their organization: https://lnkd.in/eQqNDqER #nonprofit #nonprofitboard #nonprofitfraud #fraudrisk

Last week I joined an ICAEW webinar about Charity Fraud as part of Charity Fraud Awareness week. Thanks to Matthew Field, Laura Hough and Louisa Burton ACA for running the webinar. They highlighted the non financial costs of fraud, including morale and reputation costs as well as the working hours lost to managing the fraud. Key barriers to fraud prevention are over reliance on trust, lack of resources and lack of awareness (the webinar was part of the awareness raising!) There are tips to prevent fraud and some guidance for preparing a fraud response plan included in the report here. A few of key tips are relatively simple ones - keep good records, have a good audit trail and design your processes to give segregation of duties. This last point is very simple but vital. At Contando we prepare payment runs for some clients and set up their bank payments, but we won't do it if there aren't dual authorisations at the bank. So if you don't have dual authorisation at the bank, please go and get it sorted now! #CharityFraud #Charity

A good management liability program, with regular reviews for coverage adequacy, is advisable for organizations of any size. While a $40M loss probably isn't the norm, even a smaller loss could be catastrophic depending on the organization's finances. To my agent friends, if you need help determining coverage needs for your clients, I'd be glad to help!

Shocking statistics reveal a harsh reality: nonprofit fraud cases in 2020 averaged losses of $639,000—underscoring the urgent need for robust prevention measures. Nonprofits face a unique vulnerability to fraud due to limited resources, making fraud prevention critical for safeguarding their missions. Here's how to prevent fraud in your nonprofit... https://hubs.li/Q02J69vY0

If you're a nonprofit, check out this informative and valuable seminar on fraud protection, hosted by National Bank of Arizona. #clientnews #fraudprevention #nonprofitorganizations #nonprofitsupport

I was reviewing a newsletter that my CPA sends out weekly and wanted to spread a little infomation out to you:   Before you set yourself to spread a little holiday cheer with a donation, make sure you do it right. Protect yourself against charity scams and fraudulent organizations by verifying the organization with the IRS's Tax-Exempt Organization Search (https://lnkd.in/g4An9bTi). That includes international causes as well. For those, make sure you choose an IRS-approved U.S. organization with tax-exempt status and a specific fund for overseas relief (see the IRS search tool mentioned above).   One really smart move you can make at any time, but especially at the beginning of 2024 is to get your IRS personal identification number. Danny Werfel (IRS Commissioner) describes it as a "secret weapon" against identity theft. You can apply for it on the Get an Identity Protection PIN page (https://lnkd.in/gZ7JThAJ), but it won’t be available until January as the IRS performs maintenance on it for the new year. If you’d like to start working on it now, you can also file Form 15227 (https://lnkd.in/gMGjPnrt) or you can visit an IRS Taxpayer Assistance Center (TAC).   Source: Richard A. Lindsey, CPA

'Looking forward to presenting my session on internal controls and real life fraud cases and also learning from the banking and legal sessions! Thank you National Bank of Arizona for sponsoring this hot topic event!

Fraud can have devastating consequences, especially in nonprofit organizations. We explore the warning signs, preventative measures, and best practices so you can stay informed and protect your mission. 🛡️ https://hubs.li/Q02C1Scl0

We continue supporting charities in their fight against fraud, and here is why. https://lnkd.in/eCGq72Yw @laura hough #charity #fraud #stopcharityfraud