A startling report in today’s Washington Post shows more than 1,000 of the nation’s nonprofit organizations have each acknowledged losses of a quarter million dollars or more because of theft, investment fraud, embezzlement or other unauthorized use of funds. Joe Stephens, the co-author, reports from Washington D.C.
Sourced through Scoop.it from: www.pbs.org
Is this really true? I don’t know. But if it is, where are the internal controls, auditors, executive officers, boards and audit committees? The article is correct, problems do occur, and that does not mean that the organization is bad. Like anyone else, I would be asking, how and why did it occur, how was it discovered and how long did it take, why was the fraud not prevented, and what has been done to remedy the situation? Dave Tate, Esq. (San Francisco / California)