Area nonprofits are facing challenges from both sides.. increased demand and declining revenues. The Business First "All About Nonprofits" special report hit newstands this week so Business First held a forum with nonprofit leaders who say the future for nonprofits holds plenty of promise - if executives are able to manage more effectively, partner with other organizations, and find innovative ways of generating revenue. Area financial experts advise organizations to act more like businesses. They say the ones that manage well will be successful and those that bemoan revenue losses will face serious problems.
For example, the Buffalo Philharmonic Orchestra saw revenues drop 8% last year, but says it will not "pout about it." Instead, it is looking for exciting and creative ideas to build new markets.
Many nonprofits rely on funds from area foundations. Business First says total assets for the 25 largest foundations are down by more than 27 percent. So funders also need to get creative with their strategies.
You can read more in the Business First All About Nonprofits report. Subscribers will find the publication included with their weekly paper, while others can purchase copies on newsstands for $5.95 or by calling Karen Schiffmacher at 716-541-1631.