News

GreerWalker To Fight Rising Fraud at Not-For-Profits and Address Changing Legal Landscape

Jan 4, 2016

(Charlotte, N.C.) – Updating North Carolina not-for-profit laws amid the increasing threats and costs of fraud will be among the topics at a free seminar for not-for-profit executive directors, CFOs, board chairs and members. Charlotte-based CPA firm GreerWalker is sponsoring the breakfast event on Tuesday, Jan. 26 at The Duke Mansion, 400 Hermitage Road, starting at 8:30 a.m.

The 2.5-hour, by-invitation seminar for all types of not-for-profits will examine fraud detection and deterrence as well as particular fraud schemes that have occurred at not-for-profits. Organizations will be advised how to improve internal controls and oversight, the key to reducing fraud. Because there is limited capacity for the seminar, early registration is a must.

Dianne Chipps Bailey, an attorney who leads the Nonprofit Organizations and Foundations practice group at Robinson Bradshaw & Hinson, P.A., will speak on national trends in the modernization of state not-for-profit corporation laws and opportunities to streamline and fine tune the North Carolina Nonprofit Corporation Act (NCNG Chapter 55A) that governs the formation, operation and dissolution of not-for-profits in the state and the fiduciary duties of not-for-profit directors and officers. In the current environment, professional and volunteer leaders of not-for-profits risk litigation if they do not meet their fiduciary responsibilities.

Other speakers include GreerWalker Partner William A. “Andy” Barbee, Partner in charge of the firm’s Litigation and Forensic Services Practice; and GreerWalker Senior Assurance Manager Beth Allen.

A question-and-answer session will follow the speakers’ presentations.

“Fraud at not-for-profits threatens not only the ability of these agencies to best serve the public good, it also threatens those in positions of oversight,” GreerWalker’s Barbee said. “This cost is escalating and staggering” with annual losses of $3.5 trillion a year, according to the Association of Certified Fraud Examiners (ACFE).

Other data indicate that fraud at not-for-profits is often a collaboration, not an isolated act. A recent ACFE report said that 46 percent of fraud cases involve multiple people. Fraud frequency in not-for-profits worldwide increased by 12 percent between 2010 and 2014, the ACFE reported. The median loss amount jumped by 20 percent to $108,000.

Barbee has worked in litigation, business valuation, forensic accounting, fraud investigation, bankruptcy and restructuring for more than two decades. He consults with counsel and has prepared expert reports on a wide range of issues, including damage calculations, business valuation, shareholder disputes,solvency analysis, fraud investigations, preferential/fraudulent conveyances and viability analysis. He has a B.A. in Business Administration from Florida Atlantic University and a Masters of Accounting from Florida International University.

Allen has experience with clients in a variety of industries including not-for-profit, international business and manufacturing and distribution. She has a Bachelor of Science in Accounting & Master of Accountancy from the University of North Carolina at Charlotte.

Bailey has extensive experience advising a diverse group of not-for-profits in all aspects of their organization, administration and management. She has a particular interest in corporate governance and tax compliance. She holds a B.A., with high honors, from the University of California, Berkeley and a J.D., cum laude, from Georgetown University.

To register for the event, contact Gunda Knese at or call 704-377-0239.

About GreerWalker

Founded in Charlotte in 1984, GreerWalker provides assurance, accounting, tax and business advisory services to a diversified client base of privately held middle-market companies doing business throughout the Carolinas and around the world. Affiliates include GreerWalker Wealth Management and GreerWalker Corporate Finance. For more information about the firm, call 704-377-0239 or visit greerwalker.com.