It happened to a nonprofit youth soccer Board in Massachusetts and it can happen to you. The treasurer of Framingham United Soccer Club in Massachusetts took $175,000 from the nonprofit’s bank account and paid his own business and personal expenses. Like many small nonprofits, none of the Board Members paid attention to the bank statements and other organization records and the treasurer kept stealing and stealing. The Board Members could have put a quick end to the thievery if they had anytime and anywhere access to the bank and other records. Read the Story.
All too often small nonprofits like this youth soccer organization serving 1,200 children 4 to 18 years old, don’t think it can happen to them. They trust their fellow Board Members and shirk their fiduciary duty to the organization. In the end they have a legal obligation to protect the organization. How can they do that if they don’t have ready access to the organization’s records; certainly the financial records.
With Office of the Board, organizations small and large are protected. Office of the Board sets up instantly with its patent-pending Risk Intelligent Framework designed to protect the organization and people serving it. These volunteer organizations are usually run by people who have limited time to manage and govern the organization; much less, to watch for thieves like the treasurer Scott Vermilya. With Office of the Board, a Document management system automatically generates inside the Office of the Board Framework with custom folders for the particular entity type, jurisdiction and other variables attributed to the entity. For the Framingham United Soccer Club, their Office of the Board would instantly set up with features designed particularly for a nonprofit, Massachusetts, youth organization. Bank statements could be kept in a bank statements folder and a watch alert could be set so that when Bank statements are added or changed inside the folder, Board Members are alerted. These types of features protect organization’s with Boards irrespective of the size of the organization.
If you’re on a Board, don’t be foolish in believing that you’re organization is too small to need an Office of the Board. I am sure the Framingham United Soccer Club Board had those same beliefs before the theft occurred.