If there’s one thing that’s certain about the future, it’s that we simply don’t know how the economy will perform in 2024. While some experts suggest we are headed for a recession, others are predicting resilience in the short term. At this point, the smartest approach to take may be “plan for the worst and hope for the best.”
When philanthropic giving is down (i.e., “the worst”), many, if not all, nonprofits will be forced to trim budgets due to lack of resources. Interestingly, when giving goes down, the mission or program needs go up. It’s been proven that when nonprofits take a long-term approach towards their fundraising efforts, they are better prepared for economic fluctuations.
So, what does this plan look like?
An ongoing commitment to your planned giving program coupled with financial discipline to save for economic downturns is what is needed. While major gifts may decrease because of economic factors, planned giving may increase—the last few years showed us this.
Make 2024 the year you take the strategic approach by focusing on your planned giving efforts. Sharpe has the tools, services, training and expertise to make your planned giving program the best it can be. Investing in planned giving the right way will pay dividends in the future. ■
Bob Mims, CPA,CGMA, is chief financial officer and senior consultant. You can connect with Bob at bob.mims@sharpegroup.org or via LinkedIn.
