Nonprofits Lose Revenue During the COVID-19 Pandemic
Submitted by Ullmann Wealth Partners on May 31st, 2020
May 31, 2020
Across the country, nonprofits of all types and sizes are in extreme distress. As we have seen during times of crisis – be it a recession, hurricane or the current COVID-19 pandemic, the demand for services from the nonprofit sector increases dramatically. For many organizations, fund-raising events have been delayed or canceled, and other fee for service transactions are limited or gone. Thrift stores are closed. Summer Camp fees and ticket revenue are gone. These organizations have also been hit by the sidelining of many volunteers (often retirees) who are heavily relied on to keep staffing costs low.
