In our 2021 Nonprofit Financial Health Research study, nonprofit financial professionals reported spending an average of 16 hours monthly when they prepare grant reports. 44% of our respondents are doing this on a monthly basis, which equates to 192 hours spent reporting.
Imagine reducing time spent in reporting even by 50%, and getting 96 hours back toward mission.
Would this time give you the opportunity to run an additional 24 hour fundraising campaign? Would this time give you more hours to recruit new board members, legacy donors, or matching fund partners? You might even have time to write and submit a new grant!
According to a report released this week by the Center for Disaster Philanthropy, more than 20 billion was awarded for COVID-19 globally in 2020 and community foundations awarded more grants than any other grantmaker type (54% of total awards). For more key takeaways on funding, see the full report.
Each time you receive a new source of funding you will also need to track and report all activity in regard to those funds. Time is money and reducing those hours of reporting is valuable. Did you know over 50% of nonprofits are reporting to six or more funders at any given time?
From our research, we know that now more than ever grantors are requiring detailed reporting including both quantitative data and qualitative data. Being able to streamline reporting enables you to reduce the number of hours you’re spending on reporting to grantors or on PPP loans you may have received during the 2020-2021 year.
And speaking of reporting and time, next Wednesday, at 11:30AM CST, we are hosting our PPP Loans – Tools, Tactics and Strategies for Efficient Reporting webinar. This insightful 30 minute webinar will cover how to streamline reporting for PPP Loans and provide strategies overall to reduce reporting time. There’s still plenty of time to register here.
And remember, we’re here for your mission and if you’re interested in an MIP demo please let us know.