Worcester Business Journal

www.wbjournal.com Worcester Business Journal Giving Guide 2025 7 Member DIF Member FDIC Protecting your business from fraud is hard. But it doesn't have to be that hard. With Cash Management services like fraud prevention from Country Bank, keeping your business finances secure is a walk in the park. Get started today at CountryBank.com/CashManagement. the park. C A S H M A N A G E M E N T I S A WA L K I N Survey says: Major gifts and oer streams n Developing multiple revenue streams is essential for nonprofits, says trade publication NonProfit PRO. It's insurance against the inevitable economic and political headwinds that determine funding. A 2023 survey highlights major gifts as the largest piece of the pie for most nonprofits – a funding area that requires significant cultivation. Source: Nonprofit PRO 39% 43% Major Gifts 41% Online Fundraising 39% Direct Mail Fundraising 27% Monthly giving 25% Peer-to-Peer 16% Events 10% Capital Campaigns 10% Planned Gifts 8% Grants 6% Mobile Fundraising 7% Other What is your organization's top fundraising strategy? mate of uncertainty is a challenge, said Stephen Adams, pres- ident of the Community Foundation of North Central Massachusetts. For nonprofits serving vulnerable families in North Central Massachusetts, there is no substitute for federal dollars as a funding source, and Adams foresees very rough times ahead for housing, food, and medical care programs. Yet, donors now have great opportu- nities to support impactful programs, he said. "Nonprofits in North Central Mass. have become exceptionally creative and innovative. They can do a lot with little," Adams said. Collaboration is a defining feature of the nonprofit sector seeking to meet the vast needs of the North Central region anchored by the twin cities of Fitchburg and Leominster – and beyond. Shared services and joint pro- gram ventures are a way for nonprofits everywhere to survive and thrive in their missions. The sector is responding to a grow- ing need for services in the face of workforce shortages and a leadership gap. Baby Boomers are rapidly retiring and leaving executive vacancies, according to a 2023 survey by account - ing and software firm FORVIS. More than half of respondents reported an increase in net income driven by small- er payrolls due to staff vacancies and, meanwhile, 71% reported higher demand for their services; but financial contributions were down for human services and faith-based organizations, by 43% and 55%, respectively. continues on page 8 Stephen Adams, Community Foundation of North Central Massachusetts

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