We’ve all received an email from a down-on-his-luck prince living in a far-off land with a large sum of money he can’t access unless a Good Samaritan like yourself lets him funnel it into your bank account – for which you will be rewarded handsomely.
No nonprofit is immune to fraud. Oftentimes, your “most trusted” employee will commit fraud, so it is important to always trust and verify that controls are in place to keep you working on your mission.
For the first time in 20 years, the Financial Accounting Standards Board has updated guidelines specific to nonprofits. This is what you need to know: