April 2017
In any business, or with any institution or organization, fraud often occurs when the person or persons charged with overseeing funds steal those funds after they’ve already been deposited into the organization’s checking account. This fraud occurs by what is known as theft by disbursements.
Many nonprofit organizations are potential victims of fraud due to the lack of internal controls and financial oversight. Many organizations struggle to find qualified members to fill executive positions, let alone finding those willing to become more involved in instituting proper internal controls, or – donating even more time – to become a member of a financial oversight committee.
