RESTON, Va.--()--Veris Consulting, specializing in outsourced financial management and survey research for nonprofits today announced the results of a joint study on the Nonprofit Financial Outlook for 2013, performed with Brittenford Systems, a technology systems firm for nonprofits. This survey taps insights into senior nonprofit leaders (91 percent of which are C-level leaders) of charitable nonprofits and national associations. The research provides nonprofit executives and boards with valuable insights on the top priorities and challenges facing them in 2013.
“There is a real need for nonprofit CEOs and boards to embrace a more disciplined approach to strategic planning, laser-focused fundraising and allocating resources to ensure success.”
The upcoming year will require nonprofits to pursue comprehensive strategic planning, sophisticated development strategies and laser-focused execution. Findings underscore the importance of implementing a more disciplined approach when building out revenue streams – for example, more tailored approaches to deepen relationships and connect strategically with current and prospective donors. Nearly half of all respondents (46 percent) are rethinking their revenue model and income generation strategies, as well as their focus on improving program results and reporting metrics.
Surprisingly, only 53 percent of nonprofits are distributing management and board reports on a monthly basis, with just 40 percent reporting on key operational metrics. While there has been an increase in real-time dashboard reporting among larger nonprofits, the majority still need to progress towards more timely, detailed reporting to allow leaders to improve forecasting and strategic decision-making.
“Interestingly, 72 percent of nonprofits are planning for growth, but only 40 percent plan to hire. This indicates that nonprofits are still under-resourced and struggling to master revenue generation,” said John Gillespie, Managing Director, CFO Practice, Veris Consulting. “There is a real need for nonprofit CEOs and boards to embrace a more disciplined approach to strategic planning, laser-focused fundraising and allocating resources to ensure success.”
The survey includes responses from national membership and trade associations, charitable nonprofits and policy organizations. It also offers interesting insights on the following:
- Operational, financial and development priorities and challenges for 2013;
- Projected growth and hiring outlook for 2013;
- Opportunities nonprofits plan to leverage in the coming year;
- Operational and financial strategies utilized in the last 12 months;
- Common nonprofit management and board reporting methods and frequency; and
- Nonprofit technology and cloud computing priorities in the coming year.
For the full executive summary, visit: www.verisconsulting.com/NonprofitOutlookfor2013.
ABOUT VERIS CONSULTING (www.verisconsulting.com)
Veris Consulting specializes in outsourced financial management and survey research for nonprofits and social enterprises. Its Outsourced Accounting and Financial Management Practice draws upon specialized expertise to improve bottom line results and enable nonprofits to grow revenue and control costs. Veris provides objective, hands-on consultation through interim CFO services, outsourced accounting, financial assessments, and executive search—helping nonprofits take control of their finances and advance their missions. Its Survey Research Practice delivers valuable insights through benchmarking, compensation and satisfaction surveys as well industry trends and business intelligence studies.
ABOUT BRITTENFORD SYSTEMS (www.brittenford.com)
Brittenford Systems helps nonprofits harness the power of their financial systems and ensure the best return on investment. This technology systems firm customizes financial software systems for nonprofits, provides technical support and staff training for Microsoft Dynamics GP, Dynamics SL, Dynamics CRM and the cloud-based Intacct financial system. Brittenford also provides CIO Advisory Services for objective insights to evaluate IT needs, integrate systems, save costs and lower risks, including IT infrastructure assessments and cloud readiness audits.