New Challenges for Not-for-Profits -- Part 3
This is part three of a blog based on an article recently published in Accounting Today, by Antoinette Alexander which addresses the changes affecting those in the not-for-profit world. Experienced accountants play a critical role in these organizations' teams of advisors.
Shifting Donor Expectations
One of the most significant changes facing the not-for-profit market is the shift in donor expectations and the growing demand for organizations to demonstrate the impacting of donations. This demand is causing organizations to face an increased administrative burden as they require an effective framework for measuring and reporting impact, and the tools and technology to gather the appropriate data. Donors want better linkages and stories between the dollars given and the results of their contributions. Not-for-profits need to become adept at telling their story as it relates directly to their donor — in their donor’s voice.
Not-for-profits who have a story that is easily understood and relatable will gain the most ‘heart’ share, grow their organizations and meet their goals. According to a national survey by BBB Wise Giving Alliance, Millennials are the most likely to do background research on charities before donating. They want to know, not just believe, that their dollars make a difference. The survey found that half of the Millennial parents always research charities before donating, compared to 37 percent of both Generation X and Baby Boomers, and 29 percent of the Silent Generation. The survey also found that 61 percent of Millennial parents have talked about charity with their children in the past year.
Staff Report | 02/18/2019