Convergence of Global Sustainability Standards Reinforces Importance of ESG InitiativesRead More
According to our recent 2022 Not-for-Profit Trends Report, most not-for-profit organizations are rapidly evolving to keep up with flat or declining funding, inflation pressure from inflation and continuing fallout from the pandemic.
Partner Brian Kearns, one of the Not-for-Profit Practice leaders, said economic downturns are particularly hard on not-for-profits, as it results in increased scrutiny of the organization. “No sector of the economy was insulated from the impact of the pandemic, but not-for-profit organizations have been hit particularly hard,” he said. “Not only have they had to scramble to shore up their balance sheets; they’ve had to grapple with a shrinking and increasingly competitive pool of funding. But as the proverb goes, necessity is the mother of invention — and we’re seeing not-for-profits double down on innovation and digital transformation to help them accomplish more with less, all while making themselves more attractive to choosier donors."
Download the Not-for-Profit Trends Report for more insights on the industry using the form on this page.
Subscribers can read the full article published by Accounting Today.