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Emily Rhodus

on 13 January 2015

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Transcript of Basketball

Fast Paced

Free money, take it now, use it fast…
…but make sure you follow the rules.

Play Defense
Identify the risks
Financial risks
Non-financial risks
Develop controls to mitigate the risks
Keep Score
Compliance Requirements
Ensure funds are used appropriately
Track the funds (monthly, quarterly, and/or annual reporting)
Ensure recipients are eligible
Separate bank accounts
Interest earned on federal funds
Don't Foul Out
Penalties for non-compliance
Negative public relations
Loss of consumer confidence
Fines and prison
Educate Yourself
Grant documents
OMB A-133 compliance manuals
Part 3 - General compliance
Part 4 - HUD compliance
Part 6 - Internal controls
Awarding agency
Identify the Risks
Financial risks
Asset misuse
Financial reporting fraud
Non-financial risks
IRS investigations
Internal Controls
Document, Document, Document
Segregate duties
Internal reviews/monitoring
Establish independent finance/audit committee
Communicate a way for employees to report fraud
Fraud in the Headlines
Bookkeeper embezzled over $650,000
Issued checks to herself by forging the executive director’s signature
Altered bank statements by cutting and pasting vendor checks on top of the checks she wrote to herself
Bank statements were then submitted to the Board of Directors to review

Controls to consider:
Deliver the bank statements unopened to a board member or have them mailed directly to a board member
Segregate who has authority to write checks and who reconciles cash
Have the executive director thoroughly review the cash reconciliation and ensure checks were written in sequential order
Costs of Keeping Score
Costs of compliance
Additional personnel
IT systems
Audits by federal or state agencies
A-133 and financial statement audit
Fraud in the Headlines
Manager paid himself $5,000 per month in rental subsidy payments intended for low-income families
Created a fictitious landlord with no tenant

Controls to consider:
Segregate who has the authority to approve eligible recipients and who has access to write checks
Require a second signature on checks over a certain amount
Have a board member thoroughly review the monthly bank statements
Provide a method for employees to report fraudulent activity to the Board of Directors
According to USAspending.gov, federal funding totaled $2.3 trillion in 2013.
HUD received $19.1 billion of the federal funding

HUD OIG figures for 2013:
Conducted 130 audits resulting in
$1.2 billion in funds they recommended be put to better use
$900 million in questioned costs
Investigations resulted in
514 convictions
251 administrative actions
$159 million in recoveries and receivables

Small Non-Profits: What You Need to Know to Stay in the Game
Full transcript