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Monday, June 24, 2024

36% of Nonprofits Have Seen Funding Development Since 2022-23

UHY Advisors (“UHY”) introduced the discharge of its 2024 Not-for-Revenue Traits Report, which polled over 230 executives inside not-for-profit organizations throughout sectors together with healthcare, training, social / group providers, and others with annual revenues starting from lower than $250,000 to over $10,000,000.

“The not-for-profit business has been looking for its toes as disruption continues and world financial situations stay unstable,” stated Brian Kearns, companion and a pacesetter of UHY’s Not-for-Revenue observe. “Offering important assist to these in want, the not-for-profit sector has continued to see sky-high demand for providers however is struggling to ship as they’re met with post-COVID financial challenges and a societal shift. This yr’s report seems into a few of the most urgent points dealing with not-for-profit organizations and the way they’re attempting to unravel them.”

Key findings on this yr’s report embrace:

Solely a 3rd of organizations see a lift in funding

Per the examine’s findings, solely 36 p.c of organizations have seen a rise in funding over final yr, whereas 24 p.c have stated that they’ve seen funding lower. This can be a slight enchancment over 2023 the place solely 24 p.c of organizations noticed a rise in funding whereas 35 p.c noticed a lower.

As a consequence of these financial situations, 27 p.c of respondents have stated that their organizations have thought-about merging with one other group. As well as, 41 p.c of respondents stated they’ve partnered with different organizations to ship applications and providers, with 38 p.c saying they’ve began focusing on new populations as a part of broader innovation efforts to fulfill service demand and fundraising wants.

Practically two-thirds of organizations think about shifting to company donors

Per the analysis’s outcomes, almost two-thirds (64 p.c) of respondents have thought-about shifting their fundraising and improvement methods extra in direction of company donors, with 30 p.c deciding to take action and 34 p.c selecting to stay with present methods. However, 36 p.c have stated that the subject of switching to focusing on company donors “has not come up” inside their group.

Organizations are additionally exhibiting extra consideration regarding the profile of the donors they aim, with environmental influence (51 p.c), societal influence (35 p.c) and political beliefs (21 p.c) among the many greatest concerns of their strategic profile focusing on shifts.

Not-for-profits flip to know-how to spice up efficiency

Per the examine, to spice up operational efficiency throughout the present financial local weather, not-for-profit organizations have continued to show to know-how. When requested what a very powerful know-how instruments to implement are cellular funds / crowdfunding instruments (31 p.c), compliance and regulatory know-how (31 p.c) and cybersecurity instruments (26 p.c), had been essentially the most cited by respondents.

To learn the complete 2024 Not-for-Revenue Survey and Traits Report and study extra concerning the challenges and alternatives dealing with the not-for-profit sector, click on right here.

Supply: UHY Advisors

The previous press launch was offered by an organization unaffiliated with NonProfit PRO. The views expressed inside don’t immediately mirror the ideas or opinions of the workers of NonProfit PRO.

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