More than 80 percent of nonprofits anticipate growth and increased revenues in 2016, according to a new survey. The survey, by Capital One and conducted at the Greater Washington Society of CPAs' 27th Annual Nonprofit Symposium.
Eighty-three percent of the survey respondents anticipate increased revenues in 2016, an increase from 77 percent from the prior year’s survey.
Despite this positive outlook, nonprofits still face challenges and risks. Thirty-nine percent of respondents expect fundraising to be their greatest challenge in 2016, followed by keeping up with technology (23 percent), attracting and developing new business (17 percent), risk management (13 percent) and financing operations (8 percent). When asked about the most significant business risk their organization faces, respondents were split between compliance risk (29 percent), cyber fraud (29 percent) and operational risk (28 percent), with 14 percent choosing reputational risk management.
“We’re encouraged by the upward momentum that we see, with continuing growth and increased revenues for nonprofit organizations,” said Kathleen Malloy, senior vice president and market manager at Capital One Bank’s Mid-Atlantic Not-For-Profit Banking Group, in a statement.
Asked how they would choose to invest an extra dollar in treasury management, 38 percent of respondents identified data aggregation and analytics, followed by risk management/fraud prevention tools (27 percent), and receivables solutions and payables solutions (13 percent each).
Respondents said their top consideration for choosing a new treasury management services provider would be finding a provider who can understand and solve their unique "pain points" (36 percent), followed by a cost-effective provider (35 percent), and one that maintains close, regular and human-based communication (29 percent).
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