According to the 2022 Report to the Nations, published by the Association of Certified Fraud Examiners (ACFE), the most common way that internal fraud is detected is via anonymous tips. These accounted for 42 percent of the frauds that were uncovered, compared to just 16 percent of frauds that were uncovered in an internal audit and 12 percent that were uncovered in a management review. (more…)
One of the biggest keys to financial stability for nonprofit organizations is budgeting. Creating and approving an annual budget is fundamental to financially managing a nonprofit.
The annual budget will serve as a blueprint for your organization’s financial activity in the coming year. Because circumstances will change throughout the year, your budget must be flexible enough to change with them. In this sense, your budget is a guide that can help you plan for the financial future, as well as assess your current financial health. (more…)