Business Fraud Prevention is currently updating our sponsorship opportunities. Please submit a request for more information.
Small Business Sponsorship Areas
- Small Business / Nonprofit Sponsorship
- Business Fraud Prevention and Internal Control Training Resources
- Internal Control System set-up
- Internal Control Audit and System set-up
Elderly Sponsorship Areas
- Elderly Financial Abuse
- Elderly Fraud and Financial Abuse Seminars and Webinars
- Elderly Financial Reviews
- Elderly resources
Financial Impact Small Business
The CDN Labor Standards show that for 2020 there are 653,639 small businesses in Colorado that make up 48.1% of the workforce share. The average small business or organization with 4 to 10 employees will generate between $1,050,000 and $1,500,000 per year in gross revenue. According to the ACFE’s Report to the Nations, small organizations will lose an average of 5% of the annual gross revenue per year to fraud. For a Colorado small business, this equates to an average fraud loss of $75,000 per year per organization.
Each sponsorship or direct donation can impact the average of fraud loss of $75,000 per organization by allowing them to resources, knowledge and training on preventing occupational fraud from occurring in the first place. In return, this will make our small business community stronger by increasing the organizations cash flow which will be used for hiring employees and vendors, purchasing new equipment and machinery, purchasing buildings or entering into new leases which in return helps our local and state government with increased revenue.
For every one business that we can help with training, internal control implementation and audits, we can reduce a fraud loss by $75,000.
Financial Impact Elderly
The 2021 statistics for elder financial abuse – specifically confidence fraud – the victim fraud grew by 30.4% with an average fraud loss of $56,422. Colorado’s elderly who are over 65 make up 16.1% of the state’s population which is currently 5.8 million.
With the 933,800 elderly residents over 65 years old living in Colorado, the risk of fraud within this populated group will be at least 283,875 victims. The magnitude of financial loss and impact effects not only the victim, but their family, their retirement communities and their ability to afford their monthly expenses.
For every one elderly resident of Colorado and Wyoming that we can help with training and financial reviews, we can reduce their fraud risk and loss by $56,000.