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The board's role in asset protection

from By Robert C. Harris

In a meeting of the components of a national association, odds are good you will hear the whispers, "Did you know about the embezzlement at XYZ association?" The amounts are sometimes staggering, exceeding $1 million. Equally surprising is how the board is often oblivious to the losses. I once asked a treasurer about the size of the organization's budget, and she responded, "I haven't looked at it recently, I don't really know." It was a million-dollar association. more

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