< 1 min read
January 15, 2016
After an investigation, two employees at a Tennessee nonprofit are indicted for stealing $175K, they serve as a cautionary tale for nonprofits: don't put the money in under one person's control.
"John Dunn, spokesman for the Tennessee Comptroller's Office, says the case is a reminder why charities should require more than one person to supervise incoming and outgoing funds.
"'Really, any time you control a significant amount of money, you should have what we call internal controls or checks and balances over that money,' he stresses. 'The lesson here is that one person really shouldn't have too much control over the financial process.'"--Public News Service