From the state of the market to increased cyber risk, here are four challenges nonprofit organizations should keep in mind as they move into 2023.
Every quarter of society was presented with challenges that began with the COVID-19 pandemic, and the nonprofit sector was no exception. Ongoing economic volatility has placed even more strain on nonprofits as they face greater demand for their services, disruption of operations due to labor shortages and uncertainty over funding.
Through it all, nonprofits have continued to provide essential services — services that, in many cases, the for-profit sector doesn’t address.
According to a 2023 Nonprofit Outlook report from HUB and other sources, here are some of the risk management areas nonprofit boards and staff will need to have their eye on as we move into 2023 if they are to survive and thrive.
Challenge No. 1: Economic Viability
Nonprofit organizations, especially in the health and human services (HHS) sector, have experienced an increased demand for their services over the past few years due to the COVID-19 pandemic.
While…
