May 8, 2019

Financial risk best practices help protect districts from fraud

By their nature, districts are destined to be targets of nefarious financial activity. Schools sell stadium ticket sales, collect field trip money, pay private contractors to complete repairs and even run school stores. Thousands of dollars change hands every day in and around schools, and thieves may feel like no one is watching. It’s impossible to keep track of every transaction, but without careful attention to the details of money exchanged, fraud can go undetected for years.

Fraud and bookkeeping errors are so common in school districts, they are to be expected. In fact, over a 20-year period, fraud was detected in 21 Arizona school districts for a total loss of $26 million, District Administration reports.

Best practices for protecting districts against financial losses due to fraud include …

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