BUFFALO, NY ( Business First ) The local nonprofit sector is now a $2 billion powerhouse. That's according to a new study by Business First. The report shows that collective revenues from the region's largest nonprofit organizations bring billions into the local economy. 21 organizations have revenue over $20 million. 61 have revenue over $10 million. Where does the money come from? Business First researchers broke down revenue sources from tax filings. They say 66%, nearly $1.4 billion is from program revenues and medicaid reimbursements. 29%, or $600 million, is from contributions and grants. The rest is from fundraising and other sources. Agencies that serve individuals with developmental disabilities top the list of highest revenues.
People, Inc. is ranked first for revenues with $118 million; followed by The Resource Center of Jamestown at $96 million; Aspire of WNY is at $66 million; Hospice Buffalo is at $42 million and Heritage Centers of Buffalo is 5th, at $41.5 million.
Business First will release its Million Dollar Nonprofits Research Report Friday with information on 282 local organizations, each with revenues topping $1 million.