Raffa Launches Nonprofit Fraud Prevention Institute

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Raffa, P.C. launched the Raffa Nonprofit Fraud Prevention Institute​ and related Resource Center web portal this month. The Institute is designed to be a resource for the nonprofit community to help organizations effectively manage risk and better ensure the prevention and detection of fraud.

“If we can help deter some of the fraud from being committed against nonprofits, then that’s more dollars that will be used for their charitable purposes or their mission that won’t be lining some fraudster’s pocket.”

Raffa, P.C. launched the Raffa Nonprofit Fraud Prevention Institute​ and related Resource Center web portal this month. The Institute is designed to be a resource for the nonprofit community to help organizations effectively manage risk and better ensure the prevention and detection of fraud.

“Our mission is to reduce the amount of fraud committed against nonprofits, and to help organizations keep their time and resources focused on their important work,” said Lawrence Hoffman, forensic accountant and senior partner at Raffa. “If we can help deter some of the fraud from being committed against nonprofits, then that’s more dollars that will be used for their charitable purposes or their mission that won’t be lining some fraudster’s pocket.”

For nonprofits, the effects of a fraud typically go well beyond the financial losses. With the requirement to report significant fraud on the Federal Form 990 and an active press, a fraud can cause irreparable harm to a tax-exempt organization’s ability to raise contributions or retain its members.

The Resource Center is the first part of the launch of Raffa’s Nonprofit Fraud Prevention Institute.

The Nonprofit Fraud Prevention Institute’s Resource Center, at http://www.raffa.com/Fraud, provides learning tools and resources to help nonprofits better understand fraud prevention and detection. The web portal offers videos, podcasts, case studies, articles, a This Week in Nonprofit Fraud e-newsletter and helpful links for those interested in learning more about the issue or searching for specific help.

The Association of Certified Fraud Examiners estimates that a typical organization, including nonprofits, loses 5% of its annual revenue to fraud. For the 1.4 million tax-exempt organizations in the United States, that works out to as much as $100 billion in potential fraud losses.

“Nonprofits are often victims of fraud because they do not have proper internal controls and procedures; they lack proper fraud awareness training and reporting mechanisms, and they often place too much trust in their employees and other stakeholders,” added Hoffman. “Whether organizations are seeking fraud prevention best practices, procedures and training to prevent fraud, or need help investigating and recovering from fraud and abuse, our Resource Center and professional staff of highly experienced forensic accountants are here to help.”

A Certified Public Accountant (CPA), Certified Fraud Examiner (CFE), Certified in Financial Forensics (CFF), a private investigator and senior partner at Raffa with more than 35 years of accounting and forensic accounting experience, Hoffman leads the Nonprofit Fraud Institute. Joining him in leading the effort is Leslie Kirsch, a CFE with nearly a decade of experience at the Government Accountability Office fighting fraud and abuse.

About Raffa’s Forensic Accounting Practice
The Raffa Forensic Accounting Practice provides specialized consulting services on a global basis in the areas of fraud and abuse, litigation support and expert witness services, business valuation and due diligence services, and reorganization and insolvency services. Its clients include commercial, government, nonprofit and individuals, in addition to law firms representing their clients.

About Raffa
Founded in 1984, Raffa is an accounting, consulting and technology firm based in Washington, D.C. dedicated to service and community. As a B-Corp certified, national Top 100, “Best of the Best” CPA advisory firm specializing in nonprofits and socially-responsible businesses, Raffa performs high-quality audits and provides support to help caring organizations across the country, effectively and efficiently manage their most critical human resources and financial, technical systems. The firm’s highly specialized professionals provide planning, consulting and compliance services to entrepreneurs, families, nonprofits and social enterprises. Offering a deep bench of expertise across an array of services, including accounting and tax, consulting, human resources, technology, insurance, investment and wealth management, Raffa’s client-centric, customized approach helps each client meet its potential and ensures each client’s success is sustained and maintained. Learn more at http://www.raffa.com.

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Jimena Ryan
Raffa, P.C.
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