Do you have the best internal controls in place for your nonprofit?
Fraud can impact your mission, your services and your donor confidence. The 2020 ACFE Global Fraud Study highlighted how nonprofits might be more susceptible to fraud when they have: fewer resources to prevent fraud, less oversight and lack of certain internal controls.
The study revealed that in “39% of cases the perpetrator’s job function was Owner/executive, 35% were Manager/supervisor level and 23% of cases were due to other employees. Over 35% percent of loss of funds through fraud came from lack of internal controls.”
These statistics underscore the importance of having an internal nonprofit fraud policy in place, as 40% of the fraud activities reflected in the study were detected by tips/or complaint.
By pro-actively addressing potential fraud risks at your nonprofit you will be able to decrease loss of funds to fraud. Fraud can impact nonprofits at any level and nonprofits must have robust resources available that boost internal controls and ensure less loss to fraudulent activities.
Does your current fund accounting solution alert users quickly to variances in budget, ghost employees and ensures audit and review controls? Is your data secured and private with selective view capabilities to edit, change and manage?
Learn how MIP Fund Accounting™ can mitigate nonprofit fraud using functions already built into the software.Learn More
Can you easily track employees through your payroll and HR solution for ghost employees? Do you reconcile your bank statements monthly and ensure that all expenses are accounted for? Does your current solution help you create thorough and accurate audit trails and reporting?
Fraud can negatively impact your mission, your services, and your donor confidence. The right technology can help an organization be both proactive and reactive when it comes to detecting and deterring fraud.
A true fund accounting system can provide you with real-time budget views, internal controls for staff roles, and valuable and transparent reporting on grant dollars usage. All of these will help reduce loss to fraud and opportunities for fraud in your nonprofit.About Our Products
Our fund management solution offers fraud protection including enabling alerts, masking of sensitive account information in the data, and the ability to set user rights.
Discover how advanced reporting, budgeting, and other capabilities can help you overcome challenges, as well as how to effectively manage multiple funding sources and secure grant funding.