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Nonprofits, Closely-Held Businesses Continue to be Employee Fraud Victims, Study Finds

Posted by Concannon Miller on Tue, Jun 12, 2018

Would you leave the front door unlocked to your closely-held business or nonprofit organization? Of course not. That would give thieves easy access to your assets. Yet a surprising number of organizations don't have strong antifraud controls in place to protect against dishonest people inside their organizations. And theft from insiders — also referred to as "occupational fraud" — can be costly.

Fraud losses vary significantly, depending on the nature of the scam and how soon it's detected. Globally, the median loss is $130,000, according to the findings from the 2018 Report to the Nations on Occupational Fraud and Abuse by the Association of Certified Fraud Examiners (ACFE). Here's a closer look at who was affected and how much was lost, as reported in the latest version of this biennial study.

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Topics: Fraud, Nonprofit Organizations

Nonprofits: The Do’s and Don’ts of Donor Receipts

Posted by Concannon Miller on Thu, May 10, 2018

Nonprofit executives should be careful with the language printed on the receipts you give in exchange for contributions. If you make a mistake, the results can be embarrassing for you and expensive for your donors.

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Topics: Nonprofit Organizations

Nonprofits: Six Benefits to Scrupulous Financial Records

Posted by Concannon Miller on Tue, Apr 10, 2018

In order to qualify as a tax-exempt entity, nonprofit organizations must comply with certain federal income tax laws. To prove compliance, you must maintain records. There is no required recordkeeping system. Your organization can choose any system that suits its activities and clearly shows your income and expenses.

It is prudent for not-for-profit organizations to keep scrupulous financial records for more than just tax purposes. Here are six basic reasons cited by the IRS in its Compliance Guide for 501(c)(3) Tax-Exempt Organizations:

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Topics: Nonprofit Organizations

Nonprofits: How to Use Financial Statements to Impress Funders

Posted by Concannon Miller on Thu, Mar 15, 2018

Attracting funding organizations and large individual contributors to donate money to your not-for-profit organization is a little like finding a spouse — you want to create the best impression during the courtship in the hope that the other person will find you to be a "good catch" and make a commitment.

The financial information on your nonprofit has the potential to create a great first impression.

Here are some things to keep in mind:

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Topics: Nonprofit Organizations

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