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A new study finds that $40 billion is being stolen from charities each year, on the order of 13%. Most likely culprit? “A female employee with no criminal record who earned less than $50,000 a year.” On average, she steals less than $40,ooo.
The most costly embezzler? Male executives earning $100,000 to $149,000 a year.
But won’t your audit catch it? No. “Most of these things are not caught by routine audits,” said Gary Snyder, who tracks nonprofit fraud in his newsletter, Nonprofit Imperative. “They’re usually done by someone in the financial area — the treasurer, the bookkeeper, the signer of checks — who knows how to avoid getting caught.”
If your members can’t trust the books, they won’t give — for good reason. Good stewardship means understanding that audits aren’t enough to form a basis for the kind of trust that propels an effective ministry.
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