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For the purpose of this guide, we consider grant fraud as the dishonest application or deliberate misuse of grant funding by an individual or organisation external to the foundation. Grant fraud is just one type of fraud. Steps taken to prevent grant fraud should be part of broader efforts to counter other types of fraud listed above.
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Jul 6, 2020 · Like all organisations, foundations are vulnerable to fraud and cybercrime. While some of these risks apply to all organisations, others come with foundations’ distinct way of working by distributing funds and holding significant assets. ACF has published new guidance on tackling grant fraud.
“The Fraud Advisory Panel (FAP) warmly supports the Association of Charitable Foundation’s guidance in assessing the risk of fraud when considering grant-giving by charitable bodies. The risk of fraudsters targeting the charitable sector is now recognised as a very real one and one that should not be underestimated.
What can be done to help prevent grant fraud? Knowledge of the rules and strong internal controls are key for identifying and preventing grant fraud. Although NSF solicitations and award letters reference applicable rules and regulations, formal training on current NSF grant requirements and government regulations can help ensure
Application or fictious project fraud – an individual applies to a grant scheme without the genuine intention of delivering the project. For example, the individual applies for funding for a social care programme, and the money is received, but the applicant never initiates the programme.
Financial loss and reputational damage can be reduced by effective prevention. It’s far more cost-effective to prevent fraud than to investigate it and remedy the damage done. TRUST IS EXPLOITED BY FRAUDSTERS Charities rely on trust and goodwill, which fraudsters try to exploit.
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A guide to help foundations deter and detect fraud. Download. Note: To obtain a hardcopy version of this publication, please contact us at: acf@acf.org.uk
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