Nonprofit professionals expect their organizations to grow this year, despite on-going operational and fundraising challenges.
This is the conclusion of a survey conducted by Capital One Bank at the 2016 Nonprofit and Finance Accounting Symposium of the Greater Washington Society of CPAs (GWCPA). GWCPA annually polls their attendees about the outlook of their finances and budgets for the coming year.
Eighty-three percent of the GWCPA survey respondents anticipate increased revenues in 2016. This is an increase of 6 percent from the prior year’s survey.
“We’re encouraged by the upward momentum that we see, with continuing growth and increased revenues for nonprofit organizations,” said Kathleen Malloy, senior vice president and market manager at Capital One Bank’s Mid-Atlantic Not-For-Profit Banking Group, in a statement.
Michael Cohn at AccountingToday has more details.
Despite this positive outlook, nonprofits still face challenges and risks. Thirty-nine percent of respondents expect fundraising to be their greatest challenge in 2016, followed by keeping up with technology (23 percent), attracting and developing new business (17 percent), risk management (13 percent) and financing operations (8 percent). When asked about the most significant business risk their organization faces, respondents were split between compliance risk (29 percent), cyber fraud (29 percent) and operational risk (28 percent), with 14 percent choosing reputational risk management.