Seventy-six percent of nonprofit professionals surveyed at a recent CPA symposium indicated that they expect their nonprofit organizations to grow in 2014.
In addition, 57 percent of the 147 nonprofit professionals surveyed last month at the Greater Washington Society of CPAs’ Nonprofit Finance & Accounting Symposium reported that they experienced better financial performance in 2013, compared to the previous year.
A third of them (33 percent) indicated that their financial health is unchanged from a year ago, and only 10 percent say it is worse.
However, the majority (63 percent) of those surveyed expect operational costs to be the greatest challenge facing their nonprofit organization in 2014, compared to other potential issues such as access to government funding (21 percent), the Affordable Care Act (10 percent), and a cap on charitable deductions (6 percent).
“An overwhelming majority of nonprofit industry professionals expect their organization to grow this year, despite operational, personnel and fundraising challenges,” said Adam Ostrach, senior vice president of Capital One Bank, which conducted the survey. “Our team of banking professionals aims to provide the support that nonprofits need to adapt in this changing economic environment.”
Nearly half (45 percent) the survey respondents reported that remaining competitive with pay and benefits will be the biggest personnel issue they face this year. In addition, 55 percent of the poll respondents said the greatest fundraising challenge this year will be increased competition among organizations.