December 9, 2013
For-profits and nonprofits are at increased danger of cyberattacks and fraud. Small and midsize businesses in particular are at risk because of uncertainty about possible security threats. A study by the Ponemon Institute found that senior management at many smaller companies is failing to prioritize cybersecurity.
For nonprofits, cyberthreats may be even greater
Cyberthreats often come in the form of identity theft or the breach of sensitive financial information. Unfortunately for nonprofits, their charitable nature often puts them in the sights of con artists, both on the Web and in person. Nonprofits that are struggling to meet financial obligations likely do not have the resources to prepare for possible scams or cyber attacks.
Professional financial services can help mitigate fraud risk
One way for organizations to keep the risk of fraud low is to have a strong handle on their finances. Understaffed accounting departments can often fall victim to scams without even noticing it. The theft of financial information through a cyberattack may take a month or more to show up on statements and reports. By that time, the impact of the attack will be much greater.
Professional financial services can supervise a nonprofit's accounting staff or even fully assume the department's responsibility. This not only provides better protection against fraud, but can also free up employees that could be utilized elsewhere.
Experts can also conduct fraud prevention audits so that nonprofits know how vulnerable they are to an attack. Along with these specific audits, organizations can have a review of their accounting systems, payroll and benefit systems. This not only reduces instances of fraud but also helps the organization run more efficiently.
Content presented by First Nonprofit Group, a leading provider of financial consulting services for 501(c)(3) nonprofit employers.
Working with Marshal Whittey at First Nonprofit has been a great experience. He handles our request as a priority and goes above and beyond to resolve any issues we have in a timely manner. Marshall follows through to the end and ensures our needs are met. He has been a great resource for LSC and our “go to” for any tax questions we may have. With LSC transitioning several facilities into one federal tax identification number, First Nonprofit was able to assist and provide guidance with best practices resolving claims to each entity. Additionally First Nonprofit provided knowledge (information materials) and one on one training to HRS group with best practices to handle claims state adjudicated, fraudulent claims, and appeals. And processing information in the First Nonprofit [unemployment claims] system allows for timely information can be collected.
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First Nonprofit smoothed the unemployment perils for our organization during Covid. Without the ability to cap our UI exposure, we would not have been able to weather the storm. The program worked perfectly and we have come out of the pandemic ready to forge on. Thanks FNP!
My experience with the FNP has been fantastic. The idea of setting funds aside for the unemployment tax liability is a bedrock for nonprofit organizations like mine, namely ASHBA; what is even more advantageous is having the FNP as a custodian of those funds. 100% recommended!
I would like to comment on my experience with FNP….to date our District has saved $1,000’s of dollars by being enrolled in the First Nonprofit program. My only regret is that we did not know about this method of paying unemployment tax years ago….as I had figured about five years
ago, had we enrolled 15-20 years ago, we could have saved our small school district upwards of $500,000 in payments to IDES. Also we would have had a pretty hefty sum of money in our Reserve Account. Thankfully I attended a workshop hosted by First Nonprofit back in 2015 which got the ball rolling!
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