Avoid duplicate payments for a healthier business

In any business context, financial management plays a role in how successfully companies deliver products and services. Without accounts under control, funds can go missing and prevent organizations from filling consumers’ and communities’ needs. Audit solutions can help leaders get to the source of important monetary issues.

Ralph Clark recently pleaded guilty to charges related to the embezzlement of $1.1 million from the Woodruff Arts Center in Atlanta, Georgia. The money was stolen during his time as the non-profit cultural association’s director, the FBI reports.

Clark embezzled the funds in a variety of ways, an requests for payment were directed to Lowe’s Services, his wife’s cleaning business, for services that were never rendered.

In the wake of the incident, the Woodruff Arts Center has reassessed its financial controls to prevent future abuse and ensure the community feels safe lending their support to the organization.

“They’re making sure the financial controls are in place,” Paul Bowers, chair of the 2012-2013 corporate campaign of the Woodruff Arts Center, told the Atlanta Business Journal. “For donors and contributors to the arts, the question they’re asking is: ‘Are my dollars at risk?’ The answer is no. This is now going to even enhance the proper oversight and governance of the center’s operations.”

Leave a Reply

Your email address will not be published. Required fields are marked *

Prove You're Human * Time limit is exhausted. Please reload the CAPTCHA.