Thousands of not-for-profit organizations fall victim to embezzlement schemes every year — some even losing millions of dollars. But losses go beyond actual dollar amounts. The hit to a group’s reputation may scare off donors, grantmakers and other supporters. However, with the right response, not-for-profits can bounce back from fraud.

dollar bills laid out; image used for blog post about not-for-profits recovering from fraud

Here’s how.


Continue Reading How Your Not-for-Profit Can Recover from Fraud

Thumbnail cover of PKF Texas' Fiduciary Fraud Checklist for retirement plansSeveral of our clients have inquired about a fraud checklist they can use for their retirement plans, so we’ve developed a handy tool for companies to reference. The goal for using PKF Texas’ Fiduciary Fraud Checklist is to help mitigate fraud, risk and errors and avoid negative consequences, such as money being stolen. Audit Senior

Jen: This is The PKF Texas – Entrepreneur’s Playbook®. I’m Jen Lemanski, and I’m here with Kristin Ryan, an Audit Senior Manager and one of the faces of the PKF Texas Employee Benefit Plan Team. Kristin, welcome back to The Playbook.

Kristin: Thanks. Good to be back.

Jen: So, in the past, we’ve talked about fiduciaries, risk, that kind of thing, and I’ve heard that there’s been some litigation against fiduciaries. What kind of issues are you seeing in this space right now?


Continue Reading Reducing Risk of Litigation Against Fiduciaries

International Fraud Awareness Week badge for 2020 from the ACFEAccording to a study conducted by the Association of Fraud Examiners (ACFE), fraud costs organizations about 5% of their annual revenues. For this year’s International Fraud Awareness Week, the Houston Chapter of the ACFE has lined up activities for friends, family and colleagues to join and participate in from November 15 – November 21 to raise awareness to fraud.

The Houston Chapter of ACFE has shared the daily International Fraud Awareness Week activities, which include:


Continue Reading Join International Fraud Awareness Week 2020 Activities

It’s important to schedule internal audits. Fraud doesn’t simply take a vacation during crises, such as the COVID-19 pandemic. If your not-for-profit’s internal controls aren’t effective, crooked individuals can find ways to exploit them and steal from your organization — even if they’re working remotely. Other threats, such as financial shortfalls, might also loom.

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Comprehensive independent audits help assure stakeholders that your not-for-profit is ready for anything that might come its way — including opportunities.


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According to the Association of Certified Fraud Examiners, establishing and enforcing a code of ethical conduct is associated with 50% lower fraud losses.

a stack of white binders filled with paper; image used for blog post about not-for-profits having a code of ethical conduct

Codes of conduct aren’t just about fraud prevention, though. Holding staffers and board members to an ethical code helps your not-for-profit communicate its values to the public and reassures supporters.


Continue Reading Does Your Not-for-Profit Have a Code of Ethical Conduct?

The Houston Business Journal recently published an article on their website by PKF Texas Director, Danielle Supkis Cheek, who shares insight on selecting the “second-best” controls for fraud prevention.

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Danielle references the 2020 ACFE Report to the Nations as a resource for information and data, which companies can use when finding the best fit for

cover of the 2020 Report to the Nations by ACFE; image used for blog post about not-for-profit takeaways in Report to the NationsEvery two years, the Association of Certified Fraud Examiners (ACFE) publishes what has become the definitive guide for preventing and detecting workplace fraud. The recently released Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse draws conclusions from more than 2,500 fraud incidents — including 191 in not-for-profit organizations.

In fact, this year’s report devotes a special section to fraud in not-for-profits. Although not-for-profit fraud isn’t necessarily worse than fraud in for-profit companies, it can be different in important ways.


Continue Reading The 2020 Report to the Nations and Not-for-Profits

Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Danielle Supkis Cheek, one of the faces of our fraud and forensics team. Danielle, welcome back to the Playbook.

Danielle: Thank you again for having me.

Jen: So, I’ve heard a little bit about treasury management. What do you do in that space, and what does that look like?

Danielle: Treasury management is just a fancy word for “banking services.” You’ll be able to reach out to your banker and find out what treasury management services they have, but it’s kind of the services that the bank offers you as a business customer typically.


Continue Reading How Treasury Management Can Help Protect Your Business