Presented by Valerie Harkins, Housing Specialist
The pandemic showed us just how delicate our fundraising strategies are to unforeseen events. Many nonprofits found themselves financially vulnerable in 2020 without the ability to host their annual fundraising events or apply for a specific grant upon which they had become reliant. It’s been three years since then, and the trends have continued to speak a sobering message.
Fundraising trends are on the move in 2023. With the turbulence of the economy, the unpredictability of the environment, the shift in the generation of the primary donor base, and adjustments to the new post-pandemic norms, homes are finding that—now more than ever— they have a critical need for diversified revenue streams. Overall, we have seen a national increase in donations; however, this has been matched with an even greater decrease in purchasing power, frequently resulting in a realistic net loss for organizations. As is common during times of economic hardship, the number of individual donors on average has decreased with an increased amount per monetary contribution made. This means we have fewer people making contributions but larger individual contributions, creating an elusive financial projection that appears strong at the bottom line but is built upon what is likely akin to a Jenga tower.
Financial resilience is the golden ticket to stability in this season. This necessitates fundraising strategies built upon multiple revenue streams. A personal recommendation is to maintain an average of five sources of income. This provides you with a broad donor base and the gift of time when catastrophe strikes. Examples include minor events, major events, monthly donors, and grants. To learn more, check out our webinar Diversifying Your Home’s Revenue Streams where we take a deep dive into this topic. And there is no time like the present to strengthen your funding strategy by getting in on the Development Tack at Pregnancy Help Institute. There’s still time!
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