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Important Stuff Nonprofit
Boards MUST Know
Presenter
Miriam Robeson, Attorney
July 9, 2014
The Board of Directors is responsible for the
financial integrity of the nonprofit organization
 What must a Director know about nonprofit
finances?
 Things we will learn today:
 Basics of Nonprofit Finances
 Accountability
 Best Practices
 Risk Management
 Basic - Intermediate Level
Financial Accountability for Nonprofits
 Finance
 Best Practices
 Accountability
 Risk Management
 Crisis Management
Finance
Basics of
Financial Statements
What are Financial Reports?
How Complicated Must They Be?
 Basic Reports
 Income/Expense
 Balance Sheet
 Intermediate Reports
 Compilation
 Review
 Advanced Reports
 Audit
 Statement of Financial Position
Basic Reports
Nonprofits < $50,000/year annual income
 Income/Expense
 (aka: Profit & Loss, P&L,
Cash Flow)
 Reports income from all
sources, all expenses
 Include Restricted Funds
 Should be provided at every
board meeting
 What’s missing from this
one?
Handout: Sample Financial Report
Basic Reports
Nonprofits < $50,000/year annual income
 Account Balance
 (aka: Balance Sheet)
 Cash account balance
 Asset balance
 Should be provided at every
board meeting (in some
form)
 What are Retained
Earnings?
○ Accumulated net income
from all previous years
Basic Reports
Nonprofits < $50,000/year annual income
 Year-End Accounting
 Accounting method
○ Cash versus Accrual
 Year-End Review
○ Internal (Audit/Review)
○ Compilation
○ Review
○ Audit
 Government Reporting
○ IRS 990N
○ State NP20
Intermediate Reports
Annual Income $50,000 - $250,000
 Same as Basic -PLUS:
 Internal Audit Team
 CPA Review or Audit
 Some detailed reports
 Additional Financial
procedures
 IRS 990 EZ (not 990N)
Advanced Reports
Nonprofits > $250,000 Annual Income
Also - significant government grants
 All Reports in Basic and
Intermediate
 PLUS –
 Additional Financial
Procedures
 IRS 990 required
 Full Audit
○ Financial Information
○ Financial Management
○ Assets and Inventory
Handout: Sample Financial Statement
Finance - Audit Review
Full Audit
Most Expensive
Most Comprehensive
Review of Finances,
Financial Practices,
Board practices
Review
Medium Review (and
cost)
“Reasonable Basis”
Does not review
policies, procedures,
internal controls
Compilation
Most Basic (least
expensive)
Only reviews financial
information on the
surface
Bank Statements,
Financial records
provided by client
No assurances, no
opinion
Internal
Performed “in house” or
informally
Generally not accepted
for grants or
government
Suitable for very small
nonprofits
Provides minimal
oversight and protection
Comprehensive Basic
Financial Compliance -
Federal
IRS – 990 Form
<$50,000 – 990 N
• Change in threshold
beginning 2010
• On-line ONLY
• Due 5 + 15 after end of
fiscal year
• NO extensions of time!
>$50,000 – 990 EZ/990
• Due 5 + 15
• 6 month automatic extension
• For most nonprofits – 990 EZ
• Minimal property or real
estate
• Normal gross receipts <
$200,000
• Total Assets < $500,000
Failure to file – automatic revocation of §501(c)(3) status
Other Compliance - State
• Indiana Secretary of State
Annual Business Entity Report
• Indiana State Board of Accounts
• Financial Reporting for Government Funds
Entity Annual Report (E-1)
• Indiana Department of Revenue
NP-20
Financial Compliance -
UBIT
• (A) Trade or business
• (B) regularly carried on
• (C) not “substantially related” to exempt
purpose
UBIT – Unrelated
Business Income
Tax
• Rental income
• Product sales (storefront)
• Does not include investment income
Examples:
If UBIT constitutes “substantial portion” of income,
nonprofit can lose exempt status!
Best Practices
Best Practices
For Financial Oversight
And Management
Nonprofit Financial “Best Practices”
Compliance, Competence, and Confidence
 Practice clear, decisive financial governance
 Adopt Ethics and Conflict of Interest Policies
 Implement Financial Controls
 Engage regular, independent financial review
 Promote transparency of Reporting
 Develop a Risk Management Plan
 Know emerging nonprofit financial issues
Clear, Decisive Governance
Best Practices for Conduct
 Proper policies in place
 Review all financial documents
 Procedures to verify data
 Safeguard Nonprofit assets
 Compliance with legal and tax
reporting
Accountabilit
y
Requirements to protect the
financial integrity of the nonprofit
Accountability
The Buck Stops
with the Board
Board reports to
• Donors
• Government
• Sponsors
• Grantors
• Constituents
Are you Good
Stewards of the
resources the
public entrusts
in your care?
What is Financial Accountability?
The Board is Responsible for:
Knowing the financial status of the
NP
Understanding the financial status
Acting on financial needs of the NP
Preventing financial mishaps
Mitigating financial crisis
Financial Accountability
Basic Requirements
 Financial Policies
 Financial Controls
 Monitor appropriate use of nonprofit funds
 Rules for Charitable Donations
 Audit - review
Handout – 10 Financial Priorities for Nonprofit Boards
Accountability - Financial
Policies
 Policies for –
 Handling Money
 Recording Money
 Reporting Money
Handout – Nonprofit Financial Control Policy
Accountability - Financial Controls
SSARS Standards (Statements on Standards for Accounting
And Review Services)
Financial Procedures Manual
Restrictions documented and honored
Training program for Staff and Board
Document Retention/Destruction Policy
Accountability - Financial
Oversight
Watch the money - Watch the people
Financial Oversight is the review of both finances and financial
practices
Ensures safe, ethical financial procedures
Protects Nonprofits and the Directors/Staff
Provides integrity and transparency to the public
Catches financial difficulties before they become financial
impossibilities
Handout – 10 Tips for Keeping an Eye on Finances
Accountability - Charitable
Donations
• What can be considered a donation?
• What paperwork is required?
• Donations of goods or funds > $250 require
written acknowledgement
• Magic language: “No goods or services
were provide in exchange for this
donation”
Watch the Rules regarding
charitable donations!
NOTE – donations of TIME and
EXPERTISE are NOT deductible!
Handout: Top 10 Rules for Charitable Donations
Accountability -
Governance
• Personal Benefit
• Abuse of Status
Conflict of Interest
• Board – Staff – Volunteer - Donor
Ethical Standards
Handout – Conflict of Interest Policy
Ethics/Conflict of Interest
Best Practices for Integrity
 Conflict of Interest Policy
 Signed by Board and Staff annually
 Practiced openly
 Transparency critical to credibility!
 Ethics
 Newspaper Headline Test
 Appearance of Impropriety
Best Practice
Watch Conflicts of Interest
Board
Member
Conflicts
Staff
Conflicts
Donor
Conflicts
Volunteer
Conflicts
Nonprofit Ethical Issues -
Examples
Improper donor acknowledgements
Donations
of time are
not tax-
deductible
Donor “influence-buying”
Improper arrangements with donors
Failing to include both spouses in joint gift paperwork
More Examples - Ethics
Failure to properly account
and restrict use of donor-
specified donations (illegal
and unethical!)
• Capital contributions used for
operational expenses
• “Borrowing” from restricted funds
Purchases from Board-
member business without
proper disclosure (the copy
shop example)
Failure to consult
professionals for assistance,
when needed (lawyer –
accountant)
Improper oversight of
spending (financial control
policies) - Indianapolis
Humane Society
Accountability – No Personal
Benefit
A Nonprofit
CANNOT
distribute funds
to members,
officers or
directors
Abuse of Nonprofit Status
Consequences of Abuse of
Status
 IRS Consequences – $$
 Fines to Nonprofit
 Fines to Board of Directors
 Fines to Staff
 PERSONAL LIABILITY FOR ALL!
 IRS Consequences – Revocation of
Nonprofit Status
Accountability and Transparency
– Credibility to the Public
Required disclosures
• Tax returns
• Organizational Documents
• Articles of Incorporation
• Bylaws
• Funds used for lobbying
• Application for Exempt
Status
Recommended
disclosures
• Annual report
• Basic Financial Statement
• Report of Activities
• Mission/Vision
Regularly provide information to the Public
Improving Fiscal Health
 General Tips for Healthy Nonprofits
 Pay attention to finances as well as mission
 Recruit Board members based on need
 Embrace in-kind donations – but have a plan
 Make smart decisions about facilities
 Growth is not always good – watch “mission
creep” and inadequate capacity
Handout – How Small Nonprofits Can Improve
Risk Management
Steps to Identify and manage
nonprofit financial risk
Risk Management for
Nonprofits
 Best Practices to Prevent Financial
Crisis
 Identify Risk
 Ranks Risk
 Identify Policies to manage risk
 Implement protections
 Implement procedures in event of crisis
General Liability Insurance
Don’t Leave
Home Without
It!
“Slip and Fall”
insurance for
basic activities
Personal
Injury
Property
Damage
Most places
require it
Facility rental
Working with
other
organizations
NOTE –
Usually DOES
NOT COVER
MEMBERS
Risk Management – D&O
Insurance
D&O
Insurance
covers
Breach of Duty
Wrongful acts of
the board
Mismanagement
What
D&O
Does
Provides legal
defense
Pays claims
What
D&O
Doesn’t
Normal liability
claims
Criminal acts
Directors & Officers Insurance Protects - Board and Key Staff
Risk Management Plan
Types of Risk to Manage
• Board members, volunteers, employees,
clients, donors, the public.
People
• Buildings, facilities, equipment,
materials, copyrights, trademarks
Property
• sales, grants, contributions,
sponsors, fund raisingIncome
• reputation, stature in community,
ability to raise funds and appeal to
prospective volunteers
Goodwill
Handout – Risk Management Policy
Risk Management - People
 Poor economy has resulted in an increase in criminal
conduct against nonprofits
 Embezzlement by employees
 Embezzlement by officers
 Fraud from “outsiders”
 Phrase of the Day – “Trust But Verify”
Risk Management and
Issues of Fraud and the Nonprofit Sector
No comprehensive research on depth/breadth of
fraud in the nonprofit sector (mostly from “headline
news”) – most research includes nonprofit as a
subset of broader scope
“Headline News” creates an inaccurate picture
• Impression of more fraud than actually exists
• Impression of “we’re not like that” fosters complacency
Ignorance of Full PR Impact of fraud in “headline
news”
• Every dollar lost to fraud = lost ability to achieve mission
• Every fraud headline > public scrutiny of nonprofits
• Every fraud headline < public donations to nonprofits
How is Fraud Detected?
2014 Global Fraud Study, Association of Certified Fraud Examiners
42.2%
16.0%
14.1%
6.6%
6.0%
4.2%
3.0%
2.6%
2.2%
1.1%
0.8%
0.5%
0.0% 10.0% 20.0% 30.0% 40.0% 50.0%
Tip
Management Review
Internal Audit
Account Reconciliation
By Accident
Document Examination
External Audit
Surveillance
Notified by Police
Internal Controls
Confession
Other
Percent of Cases
Percent of Cases
What are the most common types of fraud?
22.20%
17.50%
15.50%14.40%
14.10%
11.90%
11.80%
10.70%
Billing
Non-Cash
Expense
Cash on Hand
Skimming
Check
Payroll
Larceny
2014 Global Fraud Study, Association of Certified Fraud Examiners
Handout -- Asset Misappropriations
Who Commits Fraud? How Much is Lost?
$75,000
$130,000
$500,000
$250,000
$0 $200,000 $400,000 $600,000
Employee (48.6%)
Manager (31.9%)
Executive (17.3%)
Other (4.3%)
Median Loss
Median Loss
2014 Global Fraud Study, Association of Certified Fraud Examiners
How is Fraud Punished?
 Termination of employment = 72%
 No punishment = 7%
 Quit/disappeared = 8%
 Referral to law enforcement = 65%
 Prosecutor declines to prosecute =25%
(Note – numbers total greater than 100% because more than one
action is taken)
“An Investigation of Fraud in Nonprofit Organizations: Occurrences and Deterrents,” Greenlee, Fischer,
Gordon and Keating, 2006, Hauser Center for Nonprofit Organizations
Who Commits Fraud?
 High-level fraudsters (Officers/Directors) cause
greatest damage – more than 3x more costly,
and take longer to detect.
 More than 85% have never been previously
charged or convicted.
 Behavior warning signs: Living beyond means
and experiencing financial difficulty
 YES – The 2014 Global Fraud Study found
that organizations that had common controls in
place had
 Significantly fewer losses (in # and $)
 Shorter time-to-detection
2014 Global Fraud Study, Association of Certified Fraud Examiners
Do anti-fraud measures help prevent
fraud?
Handout – Fraud Prevention Checklist
Handout – Sample Board Anti-Fraud Policy
Primary Control Weaknesses for Victim
Orgs.
Handouts – 10 Ways to Catch Fraud and Mistakes from Outside
Handout – 15 Ways to Minimize Employee Fraud
Lack of Reporting
Mechanism
Lack of Clear Lines of
Authority
Lack of Employee Fraud
Ed
Lack of Independent
Audit
Other
Lack of Competent
Oversight
Poor Tone at the Top
Override of Existing
Controls
Nonprofits and Fraud
What to do when it happens to you!
• Lock-down data
• Start a formal audit process with outside auditor
• Change procedures and rotate staff responsibilities
If you suspect fraud – act immediately!
• All of the above, PLUS
• Confront the perpetrator (employee, officer, outside
contractor)
• Copy and compile evidence in a separate, protected and
confidential file
• Contact the police, if appropriate
If you verify fraud
Handout – Someone Stole the Cashbox!
Handout – Preventing and Responding to Fraud
PR for Nonprofits
Public Relations During Fraud Crisis
If Fraud or
embezzlement
finds your
Nonprofit,
• How the public
hears about and
perceives the
incident can
drastically affect
the nonprofit’s
ability to move
beyond the
event.
DO NOT HIDE
or Minimize the
seriousness of
the event
• If you are
contacted by the
press, answer! - if
you don’t get your
story out, no one
will, and
speculation will
replace facts
Have a plan of
action for
response
• If employee: suspension,
termination
• If board member:
resignation, removal
• Note appearance of
impropriety is enough to
take action for a board
member, but more evidence
is needed to take action
against an employee
Handout – Public Relations During Nonprofit Crisis
Preventing Fraud
Have and use financial control
policies
Know who handles the money
Remove temptation
Review financial information
• ALSO - have independent review of finances
Be aware that it can happen to
your nonprofit!
Crisis Management 101
Surviving in an Uncertain Economy
 Step 1 – Review the Organization
 How well do you meet your budget
(typical year)?
 What shortfall do you anticipate?
 How long can you survive at
reduced budget levels?
 How are you affected by each
funding source?
 Step 2 – Make a Plan
 Risk Management Plan
 What can you reduce and maintain
current levels of service?
 What can you reduce and maintain
minimum service?
 Where can you increase funding
○ Lapsed donors, new donors, alternate funding
sources
Crisis Management 101
Surviving in an Uncertain Economy
 Step 3 – Creative Options
New Fund Raising
Opportunities
○ Social media, networking, micro-
fundraising
 Collaborations with similar or
complementary nonprofits
 Spin-off/Re-Master current activities
Crisis Management 101
Surviving in an Uncertain Economy
 Step 4 – Acute Crisis Management
 Reduction in programs
○ Prioritize – what MUST you retain?
○ Reduce scope/ Increase fees
 Reduction in Staff
○ Reduction in Staff ≠ previous service levels
○ Reduction in Staff = do it right
 What is your “limit”?
○ Minimum financial - resource - program - mission
 PR in times of Crisis – Preserving public image
Crisis Management 101
Surviving in an Uncertain Economy
Know Emerging Nonprofit Issues
Best Practices to Staying Current
 Subscribe to Nonprofit forums
 Board Source, INRN workshops
 Listen to your stakeholders
 What concerns affect them?
 Listen to your professionals
 Attorney, CPA
Financial Accountability
for Nonprofits
Handout – Financial Accountability Further Reading
Handout – Where to Go for Government Compliance
 Finance
 Best Practices
 Accountability
 Risk Management
 Crisis Management
***BONUS: Board Governance Quick Quiz
Any Questions?
Miriam Robeson, Attorney
Today’s materials are available
on Miriam’s Website:
http://blog.lawlatte.com/index.php/2014-workshops/
Contact Miriam at:
MiriamRobeson@lawlatte.com

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Financial accountability 2014 07-09 lafayette

  • 1. Important Stuff Nonprofit Boards MUST Know Presenter Miriam Robeson, Attorney July 9, 2014
  • 2. The Board of Directors is responsible for the financial integrity of the nonprofit organization  What must a Director know about nonprofit finances?  Things we will learn today:  Basics of Nonprofit Finances  Accountability  Best Practices  Risk Management  Basic - Intermediate Level
  • 3. Financial Accountability for Nonprofits  Finance  Best Practices  Accountability  Risk Management  Crisis Management
  • 5. What are Financial Reports? How Complicated Must They Be?  Basic Reports  Income/Expense  Balance Sheet  Intermediate Reports  Compilation  Review  Advanced Reports  Audit  Statement of Financial Position
  • 6. Basic Reports Nonprofits < $50,000/year annual income  Income/Expense  (aka: Profit & Loss, P&L, Cash Flow)  Reports income from all sources, all expenses  Include Restricted Funds  Should be provided at every board meeting  What’s missing from this one? Handout: Sample Financial Report
  • 7. Basic Reports Nonprofits < $50,000/year annual income  Account Balance  (aka: Balance Sheet)  Cash account balance  Asset balance  Should be provided at every board meeting (in some form)  What are Retained Earnings? ○ Accumulated net income from all previous years
  • 8. Basic Reports Nonprofits < $50,000/year annual income  Year-End Accounting  Accounting method ○ Cash versus Accrual  Year-End Review ○ Internal (Audit/Review) ○ Compilation ○ Review ○ Audit  Government Reporting ○ IRS 990N ○ State NP20
  • 9. Intermediate Reports Annual Income $50,000 - $250,000  Same as Basic -PLUS:  Internal Audit Team  CPA Review or Audit  Some detailed reports  Additional Financial procedures  IRS 990 EZ (not 990N)
  • 10. Advanced Reports Nonprofits > $250,000 Annual Income Also - significant government grants  All Reports in Basic and Intermediate  PLUS –  Additional Financial Procedures  IRS 990 required  Full Audit ○ Financial Information ○ Financial Management ○ Assets and Inventory Handout: Sample Financial Statement
  • 11. Finance - Audit Review Full Audit Most Expensive Most Comprehensive Review of Finances, Financial Practices, Board practices Review Medium Review (and cost) “Reasonable Basis” Does not review policies, procedures, internal controls Compilation Most Basic (least expensive) Only reviews financial information on the surface Bank Statements, Financial records provided by client No assurances, no opinion Internal Performed “in house” or informally Generally not accepted for grants or government Suitable for very small nonprofits Provides minimal oversight and protection Comprehensive Basic
  • 12. Financial Compliance - Federal IRS – 990 Form <$50,000 – 990 N • Change in threshold beginning 2010 • On-line ONLY • Due 5 + 15 after end of fiscal year • NO extensions of time! >$50,000 – 990 EZ/990 • Due 5 + 15 • 6 month automatic extension • For most nonprofits – 990 EZ • Minimal property or real estate • Normal gross receipts < $200,000 • Total Assets < $500,000 Failure to file – automatic revocation of §501(c)(3) status
  • 13. Other Compliance - State • Indiana Secretary of State Annual Business Entity Report • Indiana State Board of Accounts • Financial Reporting for Government Funds Entity Annual Report (E-1) • Indiana Department of Revenue NP-20
  • 14. Financial Compliance - UBIT • (A) Trade or business • (B) regularly carried on • (C) not “substantially related” to exempt purpose UBIT – Unrelated Business Income Tax • Rental income • Product sales (storefront) • Does not include investment income Examples: If UBIT constitutes “substantial portion” of income, nonprofit can lose exempt status!
  • 15. Best Practices Best Practices For Financial Oversight And Management
  • 16. Nonprofit Financial “Best Practices” Compliance, Competence, and Confidence  Practice clear, decisive financial governance  Adopt Ethics and Conflict of Interest Policies  Implement Financial Controls  Engage regular, independent financial review  Promote transparency of Reporting  Develop a Risk Management Plan  Know emerging nonprofit financial issues
  • 17. Clear, Decisive Governance Best Practices for Conduct  Proper policies in place  Review all financial documents  Procedures to verify data  Safeguard Nonprofit assets  Compliance with legal and tax reporting
  • 18. Accountabilit y Requirements to protect the financial integrity of the nonprofit
  • 19. Accountability The Buck Stops with the Board Board reports to • Donors • Government • Sponsors • Grantors • Constituents Are you Good Stewards of the resources the public entrusts in your care?
  • 20. What is Financial Accountability? The Board is Responsible for: Knowing the financial status of the NP Understanding the financial status Acting on financial needs of the NP Preventing financial mishaps Mitigating financial crisis
  • 21. Financial Accountability Basic Requirements  Financial Policies  Financial Controls  Monitor appropriate use of nonprofit funds  Rules for Charitable Donations  Audit - review Handout – 10 Financial Priorities for Nonprofit Boards
  • 22. Accountability - Financial Policies  Policies for –  Handling Money  Recording Money  Reporting Money Handout – Nonprofit Financial Control Policy
  • 23. Accountability - Financial Controls SSARS Standards (Statements on Standards for Accounting And Review Services) Financial Procedures Manual Restrictions documented and honored Training program for Staff and Board Document Retention/Destruction Policy
  • 24. Accountability - Financial Oversight Watch the money - Watch the people Financial Oversight is the review of both finances and financial practices Ensures safe, ethical financial procedures Protects Nonprofits and the Directors/Staff Provides integrity and transparency to the public Catches financial difficulties before they become financial impossibilities Handout – 10 Tips for Keeping an Eye on Finances
  • 25. Accountability - Charitable Donations • What can be considered a donation? • What paperwork is required? • Donations of goods or funds > $250 require written acknowledgement • Magic language: “No goods or services were provide in exchange for this donation” Watch the Rules regarding charitable donations! NOTE – donations of TIME and EXPERTISE are NOT deductible! Handout: Top 10 Rules for Charitable Donations
  • 26. Accountability - Governance • Personal Benefit • Abuse of Status Conflict of Interest • Board – Staff – Volunteer - Donor Ethical Standards Handout – Conflict of Interest Policy
  • 27. Ethics/Conflict of Interest Best Practices for Integrity  Conflict of Interest Policy  Signed by Board and Staff annually  Practiced openly  Transparency critical to credibility!  Ethics  Newspaper Headline Test  Appearance of Impropriety
  • 28. Best Practice Watch Conflicts of Interest Board Member Conflicts Staff Conflicts Donor Conflicts Volunteer Conflicts
  • 29. Nonprofit Ethical Issues - Examples Improper donor acknowledgements Donations of time are not tax- deductible Donor “influence-buying” Improper arrangements with donors Failing to include both spouses in joint gift paperwork
  • 30. More Examples - Ethics Failure to properly account and restrict use of donor- specified donations (illegal and unethical!) • Capital contributions used for operational expenses • “Borrowing” from restricted funds Purchases from Board- member business without proper disclosure (the copy shop example) Failure to consult professionals for assistance, when needed (lawyer – accountant) Improper oversight of spending (financial control policies) - Indianapolis Humane Society
  • 31. Accountability – No Personal Benefit A Nonprofit CANNOT distribute funds to members, officers or directors
  • 33. Consequences of Abuse of Status  IRS Consequences – $$  Fines to Nonprofit  Fines to Board of Directors  Fines to Staff  PERSONAL LIABILITY FOR ALL!  IRS Consequences – Revocation of Nonprofit Status
  • 34. Accountability and Transparency – Credibility to the Public Required disclosures • Tax returns • Organizational Documents • Articles of Incorporation • Bylaws • Funds used for lobbying • Application for Exempt Status Recommended disclosures • Annual report • Basic Financial Statement • Report of Activities • Mission/Vision Regularly provide information to the Public
  • 35. Improving Fiscal Health  General Tips for Healthy Nonprofits  Pay attention to finances as well as mission  Recruit Board members based on need  Embrace in-kind donations – but have a plan  Make smart decisions about facilities  Growth is not always good – watch “mission creep” and inadequate capacity Handout – How Small Nonprofits Can Improve
  • 36. Risk Management Steps to Identify and manage nonprofit financial risk
  • 37. Risk Management for Nonprofits  Best Practices to Prevent Financial Crisis  Identify Risk  Ranks Risk  Identify Policies to manage risk  Implement protections  Implement procedures in event of crisis
  • 38. General Liability Insurance Don’t Leave Home Without It! “Slip and Fall” insurance for basic activities Personal Injury Property Damage Most places require it Facility rental Working with other organizations NOTE – Usually DOES NOT COVER MEMBERS
  • 39. Risk Management – D&O Insurance D&O Insurance covers Breach of Duty Wrongful acts of the board Mismanagement What D&O Does Provides legal defense Pays claims What D&O Doesn’t Normal liability claims Criminal acts Directors & Officers Insurance Protects - Board and Key Staff
  • 40. Risk Management Plan Types of Risk to Manage • Board members, volunteers, employees, clients, donors, the public. People • Buildings, facilities, equipment, materials, copyrights, trademarks Property • sales, grants, contributions, sponsors, fund raisingIncome • reputation, stature in community, ability to raise funds and appeal to prospective volunteers Goodwill Handout – Risk Management Policy
  • 41. Risk Management - People  Poor economy has resulted in an increase in criminal conduct against nonprofits  Embezzlement by employees  Embezzlement by officers  Fraud from “outsiders”  Phrase of the Day – “Trust But Verify”
  • 42. Risk Management and Issues of Fraud and the Nonprofit Sector No comprehensive research on depth/breadth of fraud in the nonprofit sector (mostly from “headline news”) – most research includes nonprofit as a subset of broader scope “Headline News” creates an inaccurate picture • Impression of more fraud than actually exists • Impression of “we’re not like that” fosters complacency Ignorance of Full PR Impact of fraud in “headline news” • Every dollar lost to fraud = lost ability to achieve mission • Every fraud headline > public scrutiny of nonprofits • Every fraud headline < public donations to nonprofits
  • 43. How is Fraud Detected? 2014 Global Fraud Study, Association of Certified Fraud Examiners 42.2% 16.0% 14.1% 6.6% 6.0% 4.2% 3.0% 2.6% 2.2% 1.1% 0.8% 0.5% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Tip Management Review Internal Audit Account Reconciliation By Accident Document Examination External Audit Surveillance Notified by Police Internal Controls Confession Other Percent of Cases Percent of Cases
  • 44. What are the most common types of fraud? 22.20% 17.50% 15.50%14.40% 14.10% 11.90% 11.80% 10.70% Billing Non-Cash Expense Cash on Hand Skimming Check Payroll Larceny 2014 Global Fraud Study, Association of Certified Fraud Examiners Handout -- Asset Misappropriations
  • 45. Who Commits Fraud? How Much is Lost? $75,000 $130,000 $500,000 $250,000 $0 $200,000 $400,000 $600,000 Employee (48.6%) Manager (31.9%) Executive (17.3%) Other (4.3%) Median Loss Median Loss 2014 Global Fraud Study, Association of Certified Fraud Examiners
  • 46. How is Fraud Punished?  Termination of employment = 72%  No punishment = 7%  Quit/disappeared = 8%  Referral to law enforcement = 65%  Prosecutor declines to prosecute =25% (Note – numbers total greater than 100% because more than one action is taken) “An Investigation of Fraud in Nonprofit Organizations: Occurrences and Deterrents,” Greenlee, Fischer, Gordon and Keating, 2006, Hauser Center for Nonprofit Organizations
  • 47. Who Commits Fraud?  High-level fraudsters (Officers/Directors) cause greatest damage – more than 3x more costly, and take longer to detect.  More than 85% have never been previously charged or convicted.  Behavior warning signs: Living beyond means and experiencing financial difficulty  YES – The 2014 Global Fraud Study found that organizations that had common controls in place had  Significantly fewer losses (in # and $)  Shorter time-to-detection 2014 Global Fraud Study, Association of Certified Fraud Examiners Do anti-fraud measures help prevent fraud? Handout – Fraud Prevention Checklist Handout – Sample Board Anti-Fraud Policy
  • 48. Primary Control Weaknesses for Victim Orgs. Handouts – 10 Ways to Catch Fraud and Mistakes from Outside Handout – 15 Ways to Minimize Employee Fraud Lack of Reporting Mechanism Lack of Clear Lines of Authority Lack of Employee Fraud Ed Lack of Independent Audit Other Lack of Competent Oversight Poor Tone at the Top Override of Existing Controls
  • 49. Nonprofits and Fraud What to do when it happens to you! • Lock-down data • Start a formal audit process with outside auditor • Change procedures and rotate staff responsibilities If you suspect fraud – act immediately! • All of the above, PLUS • Confront the perpetrator (employee, officer, outside contractor) • Copy and compile evidence in a separate, protected and confidential file • Contact the police, if appropriate If you verify fraud Handout – Someone Stole the Cashbox! Handout – Preventing and Responding to Fraud
  • 50. PR for Nonprofits Public Relations During Fraud Crisis If Fraud or embezzlement finds your Nonprofit, • How the public hears about and perceives the incident can drastically affect the nonprofit’s ability to move beyond the event. DO NOT HIDE or Minimize the seriousness of the event • If you are contacted by the press, answer! - if you don’t get your story out, no one will, and speculation will replace facts Have a plan of action for response • If employee: suspension, termination • If board member: resignation, removal • Note appearance of impropriety is enough to take action for a board member, but more evidence is needed to take action against an employee Handout – Public Relations During Nonprofit Crisis
  • 51. Preventing Fraud Have and use financial control policies Know who handles the money Remove temptation Review financial information • ALSO - have independent review of finances Be aware that it can happen to your nonprofit!
  • 52. Crisis Management 101 Surviving in an Uncertain Economy  Step 1 – Review the Organization  How well do you meet your budget (typical year)?  What shortfall do you anticipate?  How long can you survive at reduced budget levels?  How are you affected by each funding source?
  • 53.  Step 2 – Make a Plan  Risk Management Plan  What can you reduce and maintain current levels of service?  What can you reduce and maintain minimum service?  Where can you increase funding ○ Lapsed donors, new donors, alternate funding sources Crisis Management 101 Surviving in an Uncertain Economy
  • 54.  Step 3 – Creative Options New Fund Raising Opportunities ○ Social media, networking, micro- fundraising  Collaborations with similar or complementary nonprofits  Spin-off/Re-Master current activities Crisis Management 101 Surviving in an Uncertain Economy
  • 55.  Step 4 – Acute Crisis Management  Reduction in programs ○ Prioritize – what MUST you retain? ○ Reduce scope/ Increase fees  Reduction in Staff ○ Reduction in Staff ≠ previous service levels ○ Reduction in Staff = do it right  What is your “limit”? ○ Minimum financial - resource - program - mission  PR in times of Crisis – Preserving public image Crisis Management 101 Surviving in an Uncertain Economy
  • 56. Know Emerging Nonprofit Issues Best Practices to Staying Current  Subscribe to Nonprofit forums  Board Source, INRN workshops  Listen to your stakeholders  What concerns affect them?  Listen to your professionals  Attorney, CPA
  • 57. Financial Accountability for Nonprofits Handout – Financial Accountability Further Reading Handout – Where to Go for Government Compliance  Finance  Best Practices  Accountability  Risk Management  Crisis Management ***BONUS: Board Governance Quick Quiz
  • 58. Any Questions? Miriam Robeson, Attorney Today’s materials are available on Miriam’s Website: http://blog.lawlatte.com/index.php/2014-workshops/ Contact Miriam at: MiriamRobeson@lawlatte.com