A former mechanic, with authority to approve some maintenance contracts, recently pled guilty to stealing $1.1 million from the Woodruff Arts Center, the Atlanta area’s largest cultural center. He faces a possible prison term of 41 to 51 months. According to prosecutors, the employee used bogus invoices and kickbacks from a vendor to steal from the center over several years.
One way to thwart this type of embezzlement is for the executive director to co-approve invoices — particularly large ones. And do a little digging to make sure expenses and the vendors providing the services are legitimate. Read on for more ideas on how to prevent theft and fraud in your organization.