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22 HARTFORDBUSINESS.COM | JULY 8, 2024 FOCUS: Nonprofits Camp Courant Executive Director and CEO Corrianne Gagliardi Chipello at her nonprofit's Farmington camp, which now can be rented for corporate retreats and other events. HBJ PHOTO | STEVE LASCHEVER Diversification Play As COVID-era aid and giving wane, nonprofits seek new revenue streams for survival core mission of providing a free summer camp experience for Hartford kids," Chipello said. The camp daily serves 750 Hartford children ages five to 12 — providing free transportation to and from the property, as well as two meals and a snack per day — offering more than 50 educa- tional programs and activities, ranging from swimming and yoga to lessons on personal finance, gardening and how to make healthy choices, Chipello said. It costs about $100 per day, per camper. "So, with 750 campers, we have to raise a lot of money," Chipello said. Camp Courant — which reported $1.67 million in revenue and a $101,748 deficit in fiscal 2022, according to a 990 tax filing — isn't alone in its efforts to diversify revenue streams. Other nonprofits are launching social enterprises or business ventures that generate earned income. The Hartford Foundation's Social Enterprise Accelerator program has helped 24 nonprofits like Camp Courant develop and implement new revenue-generating business ventures over the past few years. "Nonprofits are realizing they can't rely solely on donations and grants anymore," said Meher Shulman, associate director of the nonprofit support program for the Hartford Foundation, By Hanna Snyder Gambini hgambini@hartfordbusiness.com T he COVID-19 pandemic changed the landscape for many organizations, especially nonprofits. Some charitable organizations stayed afloat with the help of govern- ment assistance programs, like the Paycheck Protection Program or CARES Act loans. Others saw a burst of new revenues from donors looking to help at a time of greater need for social and other services, industry experts said. But as COVID-relief funding expires and annual giving returns to normal levels, many nonprofits are seeking to diversify and tap new revenue sources to sustain their future long term. Camp Courant, the oldest and largest free day camp in the country, is celebrating its 130th anniversary this year. Like many nonprofits, it has had to adapt and find new ways to generate revenue. "The pandemic really forced us to look inward and ask — what resources do we have that we can monetize," said Camp Courant Exec- utive Director and CEO Corrianne Gagliardi Chipello. The organization's solution? Turning its 36-acre Farmington prop- erty, which sits vacant except when summer camp is in season, into a year-round events venue that can be rented for corporate retreats, family gatherings and even weddings. Camp Courant, which is no longer affiliated with the Hartford Courant newspaper, is now taking bookings and has some events planned, with rates that vary based on usage. "Every dollar raised through rentals goes right back into funding our 2023 U.S. CHARITABLE GIVING BY SOURCE AMOUNT % CHANGE % CHANGE ADJUSTED SOURCE GIVEN FROM 2022 FOR INFLATION INDIVIDUALS $374.4B 1.6% -2.4% FOUNDATIONS $103.53B 1.7% -2.3% BEQUESTS $42.68B 4.8% 0.6% CORPORATIONS $36.55B 3% -1.1% TOTAL $557.16B 1.9% -2.1% Source: Giving USA 2024: The Annual Report on Philanthropy for the Year 2023