Best Practices For Philanthropists To Prevent Fraud

▤ Summary

Scammers, fraudsters, disgruntled employees and cyber-criminals take advantage of this time of year when you’re likely most vulnerable—after all, you’re thinking of a zillion things to do in order to get grant dollars out the door. With cybersecurity, we constantly have to evolve as the bad guys keep getting creative.” We also spoke with our Director of Customer Experience, Ted Stenger, who echoed Pascal’s sentiments on technology and security. “It is important for foundations to review their cash disbursement procedures to determine whether sufficient oversight exists over the process,” explained Christopher D. Petermann, who is the managing partner of the accounting and advisory firm PKF O’Connor Davies. Proper due diligence over the cash disbursement cycle can help prevent potential risks and protect the foundation’s available funds that can be utilized for its mission-related activities. Check out these tips from our Chief Legal Officer and this chart for a quick overview on six common approaches to managing a private foundation and the advantages and disadvantages of each.

▦ Linked Companies

Foundation Source

$10M to $25M