The results are in from our 2021 Nonprofit Financial Health Study: The Path of Resilience, with insight from over 200 nonprofit financial peers in the industry. We will be covering the study in-depth next week during our February 25th, 2:30pm CST webinar. You can sign up for this event here.
Overview and why this study matters to you…
Over the years, we have made substantial investments to stay in tune with the nonprofit industry and the impacts to our communities, particularly so we can share with our customers as thought leaders in the nonprofit technology space. For our 2021 research, unlike our previous studies, we started this research with a goal to better reflect and understand how the environment and economic crisis of 2020 have impacted organizations, and how those impacts alter or changed what is most important heading into 2021. How are nonprofit finance professionals considering the changes they need to take in 2021 to make it a resilient year? What impact did the pandemic make on revenue streams, programs and mission?
What challenges were faced with fundraising and donor dollars and grantors? What perspectives changed in technology considerations due to the difficult year? What are the plans for the next 12-18 months going forward?
The overall responses of this survey show a path of resilience even with the impact of a global pandemic in 2020. We see how respondents were able to pivot quickly and efficiently to creating new funding opportunities in virtual events, as well as pro-actively establish goals for new grants. Over 70% of respondents noted identifying new funding and revenue sources were goals in 2020 and going into the next 12-18 months.
With this set of questions, we surveyed over 200 nonprofit professional leaders. We also chose a few questions that were included in our last research, so we could measure what changes happened since our last full study in 2018.
What we found is good news in resiliency, revenue growth and new funding streams:
- Over half of respondents expect revenue growth in next 12-18 months.
- Nonprofits found innovative ways to adapt quickly with virtual fundraising, more grant opportunities, and joining with other nonprofits for collaboration.
- 73% of respondents plan to apply for PPP Loans, Cares Act Funding in 2021.
We also discovered new shifts in mission, technology and grant reporting needs:
- Demand for more frequent and more detailed grant reporting.
- Increased focus (from 2018 report) on new technology needs, and moving to cloud.
- Over 54% nonprofits noted need to submit financial information to six grantors or more on a monthly basis.
- 91% of those surveyed worked from home due to coronavirus in 2020 and 55% plan to continue in 2021.
We will share these insights and more during the live event webinar.