12/03/2024

Nonprofit Sector is Still Recovering

It is open to expansion

The broader nonprofit sector has largely recovered from the lows of the COVID-19 pandemic, according to a new survey. That’s created opportunities for growth, though many leaders are still concerned about political and economic headwinds.

Nonprofit Standards: A Benchmarking Survey, published last month by the accounting firm BDO, found multiple areas of optimism: 52 percent of nonprofit leaders said their revenue increased during their last fiscal year, and 82 percent said the culture of their workplace is "strong" or "very strong." Bolstered by those trends, more than half (52 percent) said they planned to increase investments in new programs and nearly three-quarters (73 percent) said they plan to "meaningfully expand or shift the scope of their mission."

According to the report, investments that nonprofits have made in areas like digital transformation have largely paid off, and the firm recommends that organizations should consider next steps. "Nonprofits are now at a point where they can reflect and consider a pivot," the report said. "What is working well that they can continue doing? What do they need to change?"

Please select this link to read the complete article from Associations Now.