Mr. Smith, 51, was charged with bank fraud and wire fraud, both felonies that can come with as much as 30 years of prison time. The case highlights an enduring problem among nonprofits, showcasing the vulnerability to financial mismanagement and insider theft.
A lax or informal approach to financial management in nonprofits can lead to waste, runaway costs, or insider theft. The lack of oversight in nonprofit organizations handling substantial funds poses significant risks that are often hard to detect.
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