How Nonprofits Can Protect Against Embezzlement And Fraud

Law360, New York (April 6, 2016, 11:46 AM EDT) -- Stephen J. Obermeier

Robert D. Benton

Shane B. Kelly Embezzlement and fraud within nonprofit organizations has reached epidemic proportions. According to an investigation by the Washington Post, between 2008 and 2012 over 1,000 nonprofits reported a “significant diversion of assets” in their IRS Form 990 disclosure forms — in other words, those organizations each suffered losses of over $250,000, or 5 percent of the organization’s receipts or assets due to illicit or unauthorized activity.

The vast majority of these nonprofits were public charities, and the top 20 losses alone totaled more than $500 million. And these dismal numbers have not improved...

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