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Fraud has the potential to affect every business or organization. However, the risk of fraud within volunteer-led organizations is often overlooked. Volunteer-led organizations such as charities, religious groups, and association-governed communities are highly susceptible to fraud. In these organizations, individuals are taking time, often several hours each week, out of their busy lives and dedicating it to an organization that is meaningful to them. Although these individuals are volunteering their time and talent, they often lack the financial knowledge necessary to effectively oversee those executing the financial operations of the organization. Further, anti-fraud controls are often minimal, or nonexistent, within smaller organizations, which make them prime targets for fraudsters.
The following describes key fraud considerations for volunteer-led organizations:
The smaller the organization, the larger the potential impact fraud might have. In order to help mitigate the fraud risks associated with volunteer-led organizations, board members and members should take the time to learn best practices, ask questions, and work to implement as many anti-fraud controls as possible.
If you think your volunteer-led organization might be a victim of fraud, contact Schneider Downs to speak with our dedicated team of professionals who specialize in investigative and forensic accounting. For similar articles, visit the Our Thoughts On blog.
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