This morning, 40 or so people affiliated with CFO nonprofit Agency Partners joined us for a panel discussion on preventing employee fraud, embezzlement and other illegal activity in their organizations. On the panel were four experts, including the main financial officer for one prominent local organization, which faced a situation like this less than three years ago.
Annie Carlyn, Community Relations Director for Springfield Little Theatre (who also oversees finances for the organization) told the story of an employee who, over the course of two years or so, embezzled more than $40,000 from the nonprofit community theater company. The malfeasance was discovered in early 2010. Carlyn talked about not only the crime itself, but the lessons the theater learned and the measures it took so that something similar doesn’t happen again.
The panel also included Matt Russell, a local attorney from the Law Offices of Matthew Russell, Dana Montgomery from Guaranty Bank, and Jeff Eiserman of Ollis & Company, who spoke about the legal and technical steps that can be taken to ensure a nonprofit’s financial and legal health, everything from internal controls to employee theft insurance.
These quarterly Agency Partner education sessions are free to the CFO’s nonprofit Agency Partners. The next session is scheduled for January 30, 2013, when partners will learn more about the Beta launch of the CFO’s crowdfunding platform, CauseMomentum. To learn more about these sessions, or about how your organization can become an Agency Partner of the CFO, contact Bridget Dierks at (417) 864-6199 or e-mail email@example.com.