Inflation and the possibility (if not current reality!) of a recession are huge challenges to raising funds for nonprofit organizations. With inflation currently over 9%--a 40-year high—and the equity markets like the S&P 500 down over 20% year to date, nonprofit leaders are justifiably concerned about raising the funds necessary to support their important work.
According to the Center on Wealth and Philanthropy at Boston College, we are currently experiencing the largest wealth transfer in US history. $59 trillion (yes, trillion!) will transfer to the next generation from 2007 to 2061. Charitable giving during that same period is estimated to be $20.6 trillion. With longer lifespans and a greater understanding of how sustained giving over time can positively contribute to the social good, many families want to approach their giving strategically with more multi-generational collaboration. Thus, increasingly traditions of giving, and not just money, are passed from one generation to the next.
As you prepare for a third year operating, living, working, and navigating pandemic norms, is your board ready to assume the responsibility and leadership obligations necessary for the transformation coming to the nonprofit sector?