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We’ve all received an email from a down-on-his-luck prince living in a far-off land with a large sum of money he can’t access unless a Good Samaritan like yourself lets him funnel it into your bank account – for which you will be rewarded handsomely.

Of course, we laugh it off when an obvious scam like this arrives in our inbox from a stranger. But what if the same scheme was

No non-profit is immune to fraud.

Oftentimes, your “most trusted” employee will commit fraud, so it is important to always trust and verify that controls are in place to keep you working on your mission.

Here are some simple guidelines to follow to protect you and your target community:

For the first time in 20 years, the Financial Accounting Standards Board has updated guidelines specific to non-profits. This is what you need to know:

Net-asset classifications:

Old – unrestricted (including board-designated), temporarily restricted and permanently restricted.