2022 marks the second year of our Not for Profit Leaders Survey on Financial Management. When the report was produced in 2021 we were still in the midst of Covid – most states and territories in Australia were still in a type of Covid lockdown.
Twelve months on, whilst lockdowns are in our rear-vision mirror, there are certainly a large number of other challenges businesses are facing now – rising interest rates, rising inflation employee shortages and the potential of a global recession.
The current economic factors will only add further pressure to the not for profit sector – with cost of living pressures pushing individuals to rely on charities for support and the potential for a loss in revenue for charities.
The one thing that hasn’t changed however, is the importance of managing how the organisation's resources were used. With economic uncertainty around, astute financial management is crucial for organisations to weather the storm.
HLB Mann Judd Sydney invited not for profit leaders to participate in a survey on financial management. Survey respondents were from a wide variety of not for profit organisations including traditional charities, research organisations, social enterprise, aged-care, schools and membership organisations ranging from small to large.
We invite you to download our report and review the findings.
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As noted above, 59% of participants cash reserve levels have been affected by the current economic environment, however more than 66% have at least 6 months.
With 53% looking to raise prices and 59% looking to diversify their offering, forecasting & financial modelling are critical for organisational success.
As financial reporting becomes more complex, where there is more to do with the same or fewer resources, organisations are looking at how to make improvements within their team. Outsourcing all or some of finance functions is becoming more common.