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Sunday, November 24, 2013

Nonprofits report millions missing with little explanation - The Washington Post

The tax break subsidies afforded by you to them enable you to pay their taxes. 
Millions missing, little explanation
Published: Oct. 26, 2013
A Washington Post analysis identified more than 1,000 nonprofit organizations that have reported a “significant diversion” of assets since 2008, when a question about such losses first began being phased in on federal Form 990 disclosure reports. While some diversions involve legal exchanges, most are attributed to theft or embezzlement, sometimes leading to the loss of tens of millions of dollars to a single organization. Filing instructions direct organizations to explain what happened on Schedule O, usually located toward the end of the form. But The Post's study found many organizations provide few or no details.

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