February 22, 2023
1 min read
The nonprofit industry seemed to have bounced back from the pandemic in 2022, but finance leaders now worry about economic uncertainty in 2023, according to the 2023 Nonprofit Technology Trends Report. In the fall of 2022, Sage Intacct surveyed over 600 nonprofit finance executives in the U.S. and analyzed their insights about the current nonprofit operating environment, top challenges, and technology strategies.
First, the good news: Half the nonprofits surveyed enjoyed increased revenue in 2022 compared with 2021. The revenue gains were substantial; 37% of organizations experienced an increase of more than 25%. Government funding showed the biggest increase, followed by foundation grants.
Now, for the not-so-great news: When asked about external frustrations for 2023, economic uncertainty was the number one challenge. See additional highlights from this research in the infographic below.
Download the complete 2023 Nonprofit Technology Trends Report
Conclusion
Moving forward into 2023, finance leaders anticipate economic uncertainty may force their organizations to reduce both operational and program spending. Because the number of programs and participation increased in 2022 for most nonprofits, cutting costs will necessitate difficult choices. Better leveraging nonprofit finance automation can help nonprofit executives make more time for analysis and forecasting and execute more data-driven strategic planning. For the full analysis of the survey data, download your complimentary copy of the 2023 Nonprofit Technology Trends Report.
