If you have read any of my posts on Fraud you know that the one question I ask the most is…….
“Where are the controls?”
This Child Care Director was able to steal $200,000 over 5 years from the YWCA by opening up her own Square account in the name of the organization and then processing childcare credit card payments. This is equal to stealing payments from 1000 kids a year. As an auditor I have to ask, "Where were the controls? How did nobody notice that the amount of kids stayed the same, but the program revenue went down?" Who is asking these hard questions? I know a lot of nonprofits use credit card processing services like Square, Blue Pay, ipayments, etc.. maybe it is time for your organization to look into the controls around your own cash receiving process.
For the full article on this fraud case see this link
https://www.bizjournals.com/birmingham/news/2018/02/26/former-ywca-employee-accused-of-embezzling-from.html
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