Worcester Business Journal

www.wbjournal.com Worcester Business Journal Giving Guide 2022 7 BY PHYLLIS HANLON | Giving Guide Editor Nonprofit Status 2022 According to a July 2022 report from McKinsey & Company, the industries hit hardest may take as long as five years to reach pre-pandemic economic levels. For non-profit organizations, the news is troubling. Unlike for-profit businesses, non-profits encounter some unique trials. For instance, in the current economy with its massive swings from high to low, non-profits must deal with ways to remain sus- tainable, while operating on a shoestring budget. A May 2021 article in Board & Administrator noted that while overburdened and under-resourced to begin with, non-profit organizations were hit in multiple areas during the pandemic. These "hits" continue, even as the pandemic slowly begins to lessen its grip. Some of those "hits" include an increase in demand for services and reduction in volunteers, donations, and other resources. Loss of staff has also imposed a serious burden on non-profits. Driven by mission statements grounded in service to community, non-profits must figure out ways to maintain services with diminished human and financial resources. The Independent Sector, a group that represents non-profit executives, reported that in June 2020 sixty-seven percent of non-profit organizations sustained staff furloughs and fifty-six percent were forced to lay off staff. Much like for-profit companies, non-profit organizations have many open posi- tions, a majority of them volunteer. And volunteering at one of these non-profits is probably one of the best actions a person can take, according to the Mayo Clinic Health System. A post from Mayo Clinic in September 2021 noted that helping peo- ple changes lives, for both those who give and those who receive. For starters, volun- teering improves physical and mental health. Research shows decreased rates of depression and anxiety, especially in people 65 and older, as well as reduced stress and increased positive relaxed feelings, sense of meaning and appreciation. Furthermore, volunteering provides a sense of purpose, teaches valuable skills, and improves life satisfaction and self-esteem, according to the Mayo Clinic post. Volunteers can expand their social network and practice social skills while nurturing new and existing relationships. In addition to building – or rebuilding – its volunteer force, non-profits need to focus on mission, develop diverse funding sources, become digitally savvy, remain donor-centric, and inspire others. They also must figure out ways to retain and engage current donors and find new ones. To achieve these goals, experts advise non-profits to "lean on others." The Giving Guide gives these non-profit organiza- tions the opportunity to do just that. Each profile in this year's Giving Guide presents a clear picture of the organization, its mission, service area, funding sources, and governing body. More important though, readers are given a close-up look at ways in which they can help. Each agen- Non-profits survive turbulent times by leaning on others T he last two-plus years have thrown a plethora of challenges at businesses, individuals, and non-profits alike. The seem- ingly never-ending COVID-19 pandemic, a wildly fluctuat- ing stock and housing market, international wars, and political instability – to name just a few – have impacted nearly every aspect of life, from personal income, food supply and acces- sibility, and employment to physical and mental health. At IC Federal Credit Union , giving back is a core piece of who we are and what we do. Whether it's food pantries, community support groups, or schools, we know that continued support for these organizations is vital. We have the utmost appreciation for the selfless work that these men and women do in our communities throughout Central Mass. Last year, we provided over $175,000 in support to these important local organizations. Their work doesn't end, and neither will our support. Giving Back is Core to IC Insured by NCUA | #BankLocal Fitchburg | Leominster | Westminster | Worcester | Ayer | Marlborough Visit iccreditunion.org today to learn more continues on page 8

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