NEW YORK--(EON: Enhanced Online News)--More than half of nonprofit leaders expect conditions in the sector to be more difficult in 2017, according to the most recent Nonprofit Leadership Pulse. The national survey of nonprofit leaders and executives was undertaken by leading accounting, tax and advisory firm Marks Paneth and fielded before the election.
“When asked to name their most significant challenge, more than one-in-four (28%) say that achieving long-term financial stability is the greatest challenge facing their organizations. To address this challenge, 81% of nonprofit leaders surveyed, agree that the identification of programs that generate positive cash flows will be very important.”
According to Michael McNee, Partner-in-Charge of the Nonprofit and Government Group at Marks Paneth: “When asked to name their most significant challenge, more than one-in-four (28%) say that achieving long-term financial stability is the greatest challenge facing their organizations. To address this challenge, 81% of nonprofit leaders surveyed, agree that the identification of programs that generate positive cash flows will be very important.”
Mr. McNee went on to explain, “The long-term financial stability of nonprofit organizations requires disciplined leaders who have keen financial acumen and are focused on mission-critical programs that generate funds.”
Although 60% of leaders surveyed cited government funding as an important source of cash flow, 78% said that they rely on private funding, such as corporations, foundations and individual donors. The consolidation of wealth in the United States is likely to mean more intense competition for funding from fewer private sources.
“One conclusion,” said Hope Goldstein, a partner in the Nonprofit and Government Group at Marks Paneth, “is that, as funding sources change, fundraising too must change. The first place to focus is tracking donors and building programs to retain them. Partnering with corporations is another place to focus.” A growing number of corporations are building social responsibility programs into their mission. Partnering with these businesses offers many benefits to nonprofits, such as sharing expertise, implementing employee monthly giving programs and matching programs. Technology also offers creative new ways to raise funds.
To receive a copy of the Nonprofit Pulse and/or to speak with a leader from Marks Paneth’s Nonprofit and Government Group, please contact John McKenna of ICR LLC at 203.682.8252 or firstname.lastname@example.org.
The Nonprofit Pulse: A Leadership Study from Marks Paneth represents the findings of a survey of nonprofit leaders in the United States. The 371 nonprofit sector leaders participating in the research include Board Chairs, Presidents, Executive Directors, Chief Executive Officers, Chief Financial Officers and Treasurers working in a wide range of organizations within the nonprofit sector.
The research employed self-administered questionnaires completed online by respondents. Marks Paneth, the research sponsor, supervised development of the survey questionnaire and Business Research Solutions managed the research project. Interviews were completed during late August and early September, 2016.
About Marks Paneth
Marks Paneth LLP, a premier accounting firm dating back to 1907, is ranked the 34th largest accounting firm in the nation and one of the 8th largest in the Mid-Atlantic, as reported by Accounting Today and Inside Public Accounting. With a team of nearly 700 people, including more than 80 partners, based out of offices throughout the Mid-Atlantic Region, Marks Paneth provides public and private businesses with a full range of audit, accounting, tax, consulting, trade remediation and valuation services, as well as litigation and financial advisory services, to domestic and international clients. The firm serves clients in a wide range of industries including real estate; hospitality; manufacturing, wholesale and distribution; retail; media and entertainment; nonprofit and government; financial and professional services industries; and high-net-worth individuals and their families.
The firm has a strong track record of supporting emerging growth companies, entrepreneurs, business owners and investors with highly specialized services as they navigate the business life cycle. Readers of the New York Law Journal ranked Marks Paneth as one of the area's top three forensic accounting firms for six consecutive years.
The firm also provides information technology consulting services to small and medium-sized companies and nonprofit organizations through its subsidiary, Tailored Technologies, LLC.
Marks Paneth’s membership in Morison KSi Ltd., a leading international association for independent business advisers, financial consulting and accounting firms, facilitates service delivery to clients throughout the United States and around the world.
Marks Paneth is headquartered in New York City, with additional offices in New York State, New Jersey, Pennsylvania and Washington, DC. For more information, please visit markspaneth.com.