Protecting sensitive information such as payroll and ensuring regulatory compliance require proactive risk management. There are several measures organizations can take to reduce exposure to both internal and external threats. Watch for internal threats Ghost employees are fictitious team members
Discovering that you are the victim of an internal fraud is a harrowing experience, particularly when the perpetrator is someone you’ve trusted. The feeling of betrayal is strong. Your instincts tell you to react immediately. It’s hard to go against
You manage a nonprofit or serve on its board, and you’ve heard that nonprofits need to have an independent audit. You wonder whether your organization needs one and want to better understand what it actually entails. State and federal laws
Whether your not-for-profit organization needs a chief financial officer (CFO) depends on many factors, such as the size of your organization, the complexity and types of revenue sources, and the number of programs you have. Static organizations are less likely
Your accounting and development departments are central to the continued financial health of your not-for-profit. So what happens when communication between these two functions break down? It could result in conflict between staffers, inaccurate financial statements and, in a worst-case
By now, some businesses have completed their 2021 budgets while others are still crunching numbers and scrutinizing line items. As you put the finishing touches on your company’s spending plan for next year, be sure to cover the finer points
Current financial pressures mean that your not-for-profit probably can’t afford to pass up offers of support. Yet you need to be careful about blindly accepting grants. Smaller nonprofits that don’t have formal grant evaluation processes are at risk of accepting
The Internal Revenue Service (IRS) doesn’t require nonprofits to have independent audits, but that doesn’t mean your nonprofit never needs an audit. Some federal, state, and local government agencies require audits, as do some banks and foundations. Generally, the requirements
No matter what type of business you run, you’re vulnerable to employee theft motivated by greed, anger, dissatisfaction, or an “above the rules” attitude. Which of these ways employees steal are areas of vulnerability for your business? Payroll theft: Are
Valuation and estate planning go hand in hand. After all, the tax implications of various estate planning strategies depend on the value of your assets at the time they’re transferred. The COVID-19 pandemic has had a significant impact on the