Nonprofit Blog

Welcome to the Nonprofit Blog hosted by the professionals at Armanino, CPAs & Consultants. This blog is set up to inform nonprofit organizations of trends, rule changes, best practices and free educational offerings that we have built to support nonprofit organizations. Our professionals bring you their insights from an accounting and organization perspective to help nonprofits reach their goals. We support our clients with advice, direction and best practices.

Monday, December 15, 2014

5% of Total Revenue: The Cost of Fraud

Whether it’s misappropriation of funds, corruption, kickbacks or filing misleading financial statements, fraud is costing businesses 5% of total revenue, new figures suggest. That’s $3.7 trillion, with a median loss of $142,000 per incident. And businesses recover some of the losses in only half the cases. In virtually none of the cases is restitution complete. …

Thursday, July 21, 2011

What Is the Biggest Fraud Risk for Nonprofits?

Did you know that according to a New York Times report, fraud and embezzlement in the nonprofit sector accounts for a loss of approximately $40 billion a year, or roughly 13 percent of all philanthropic giving? In the world of financial fraud, there are two categories of fraud that all fraudulent activities fall into: misappropriation …