Not for profits were not immune to the effects of the pandemic. While demand increased on charities, many organisations saw a decrease in funding due to cancellation of major events and conferences, and a reduction in fundraising activity and donations.
The one thing that Covid didn’t change however, was the importance of managing how the organisation’s resources were used. With economic uncertainty still in the air, astute financial management became crucial for organisations to weather the storm.
With financial management being top of mind for many NFP leaders right now, we asked them together with members of the Exclusive Not for Profit Community to respond to a survey on financial management. The results of which are presented in this report.
Several key findings
- 55% of respondents reported that Covid had negatively affected the organisation’s financial performance.
- 46% said that their level of cash reserves had not been affected during Covid.
- Nearly half of respondents said retention of key staff was the biggest risk to their finance team.
- More than 84% were not concerned about the historical application or interpretation of payroll awards.
- 91% believe technology will be a key factor to help the organisation reach its strategic goals.
About the Exclusive Not for Profit Community
The Exclusive Not for Profit (ENFP) Community provides you with information on sector-specific briefings, access to our quarterly NFP newsletter and enables you to collaborate and network with like-minded individuals. The ENFP presents leaders with the opportunity to access sector-specific expertise as well as resources to assist with the day-to-day running of your organisations. It is complimentary to join the ENFP Community, if you wish to join please contact Kim Kelloway Head of Clients and Markets kkelloway@hlbnsw.com.au or 02 9020 4285.