September 26, 2008
What Some Nonprofits Are Doing To Stave Off Financial Disaster
The Chronicle of Philanthropy has an interesting story describing what some nonprofits are doing in an effort to prevent the financial collaspe from damaging or destroying their charitable operations:
The downturn has already caused some charities to change their fund-raising approach. Bruce Flessner, a Minneapolis fund-raising consultant who works with many of the country's largest charities, said that one of his clients recently decided to delay a big event to announce a new capital campaign. He declined to name the organization. "They wanted to change the [event's] tone and flavor to be less flamboyant," he said. "A couple of their best donors are getting kicked" by troubles in the financial industry. Charities in New York City, especially those that receive a lot of support from financial companies and their employees, are the most directly affected by the turbulence of the past few weeks. Gordon J. Campbell, president of United Way of New York City, said he is unsure exactly how much his organization will lose. While the United Way has received big gifts from Merrill Lynch in the past, he noted, it also benefits from long-term support from Bank of America, now in the process of buying Merrill Lynch. To sort out its options, the New York United Way plans to hold a "regional summit" with other local charities to discuss problems such as government cuts resulting from shrinking tax revenue and possible solutions, including mergers and efforts to diversify sources of revenue.
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