Tate & Tryon’s professionals were recently called upon to assist a client with improving the organization’s financial governance practices. Financial oversight responsibilities were unclear and misunderstood, resulting in increasing frustration between the board of directors and senior management. An outdated committee structure had the finance team running in circles to accommodate the constant informational […]
At Tate & Tryon, a firm focusing exclusively on nonprofit accounting and finance, we encounter highly motivated board members, but sadly, many dedicated board members don’t fully understand their responsibilities, particularly when it comes to financial governance.
The Antonin Scalia Law School at George Mason University, in partnership with Heidrick & Struggles, has recently released an […]
The Importance of Effective Financial Governance and Internal Controls in the Wake of Reported Embezzlements at Prominent Nonprofits
The Washington Post recently reported that an administrative assistant admitted to stealing more than $5 million from the Association of American Medical Colleges (AAMC) in one of the largest embezzlement schemes at a Washington area nonprofit organization. AAMC said it would “apply the lessons we have learned from this experience, as well as share them […]