The 2022 Report to the Nations from the Association of Certified Fraud Examiners reports that not-for-profits are the least likely type of organization to experience occupational fraud. Sounds like good news, right? Unfortunately, the $60,000 median loss is more than most nonprofits can afford. Fewer financial and staff resources and less vigorous oversight and enforcement of internal controls can make nonprofits vulnerable. But inexpensive controls can help you prevent fraud. For example, a code of conduct, mandatory vacations, fraud training for employees and refusal to override controls can reduce potential losses.
