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It’s been three years since the COVID-19 pandemic “stopped the world.” In its wake, we have seen a significant, foundational impact on economies worldwide — and the nonprofit sector is no exception. From reduced funding and flat budgets to a surge in demand for services, nonprofits were challenged to adapt and rebuild on a massive scale. Even now, after the pandemic has seemingly faded into the past like a bizarre alternate reality, nonprofits are still feeling pressure from the impact of inflation on donors, in the ending of much emergency federal financial support, and in the scarcity of available (or retainable) talent. In this blog post, we'll explore a few pieces of how nonprofit finances have changed in the past three years since the pandemic, and what long-term effects you can consider as you navigate your own nonprofit’s finances. It’s been three years since the COVID-19 pandemic “stopped the world.” In its wake, we have seen a significant, foundational impact on economies worldwide — and the nonprofit sector is no exception. From reduced funding and flat budgets to a surge in demand for services, nonprofits were challenged to adapt and rebuild on a massive scale. Even now, after the pandemic has seemingly faded into the past like a bizarre alternate reality, nonprofits are still feeling pressure from the impact of inflation on donors, in the ending of much emergency federal financial support, and in the scarcity of available (or retainable) talent.
With a looming recession tightening up our budgets, here are the 5 financial best practices that every nonprofit should know in 2023.
