NEW REPORT DETAILS STRUGGLES OF HUDSON VALLEY NONPROFITS
NYCON, the New York Council of Nonprofits, just released a report “Hudson Valley Nonprofits Amidst COVID-19.” The report was funded by a new group called the Hudson Valley Funders Collaborative comprised of several regional philanthropic foundations. The report paints a fairly grim picture of the state of nonprofit organizations in the nine-county Hudson Valley region.
Data for the report was collected between June 29 and July 14, 2020. The nine-county region includes Columbia, Dutchess, Greene, Orange, Putnam, Rockland, Sullivan, Ulster and Westchester counties. Questions were emailed to 1,230 nonprofits, 291 responded, and 217 answered every question.
The report contains a great deal of information, but the headline statistic is this: 30% of respondents consider insolvency or dissolution to be very likely, likely, or somewhat likely in calendar year 2020. Nonprofits in education and childcare are considered most at risk because they have less availability of endowment or reserve funds. Also, 79% of respondents are projecting reduced revenues for 2020. Smaller nonprofits are deemed to be at greater risk than larger ones.
When asked about their greatest needs for technical assistance, Fundraising was ranked highest. Next was Planning & Strategy, followed by Finance, Operations & Technology.
More hopeful, 62% of those responding were willing to consider partnerships, collaboration, and other forms of affiliation in order to continue operations.
The Hudson Valley Funders Collaborative intends to use this report to help target financial and technical assistance to nonprofits, especially those providing human services.
The full report can be found at this link.
At Jacobowitz & Gubits, our attorneys and staff work with dozens of nonprofits as attorneys, board members, and volunteers. Please contact us if your nonprofit needs assistance navigating these challenging times.
This is not intended to be legal advice. You should contact an attorney for advice regarding your specific situation.
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Gary M. Schuster is partner at the firm and practices business, non-profit, and arts and entertainment law.
He can be reached at 866-303-9595 toll free or 845-764-9656 and by email.
