Nonprofit Blog

The latest finance, accounting, tax, audit and software news uniquely tailored for the nonprofit industry – private schools, foundations, museums, animal/environmental/social welfare, and church or faith-based organizations. Follow for the latest nonprofit trends, rule changes, best practices and free educational offerings.

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 …