Hartford Business Journal

24 HARTFORDBUSINESS.COM | JULY 13, 2026 T he nonprofit sector not only makes contributions to the health, welfare, education and cultural vibrancy of our society – it also collectively represents an essential sector of our economy. As either grant makers or grant seekers, nonprofit organizations are part of a multitrillion dollar industry with a diverse range of commitments to improving the lives of billions of people in myriad ways. Locally, Connecticut's nonprofit sector is deeply entrenched in the state's economy, employing over 209,000 people (more than 14% of the state's workforce) while generating $37 billion in annual revenue and overseeing $121 billion in assets. Nationally, our sector employs 10% of the private workforce and generates about 5% of the national GDP.* The philanthropic community, both locally and nationally, faces formidable challenges. Nonprofit organizations across the United States face unprecedented pressures, with Hartford and the broader Northeast region experiencing particularly acute challenges. Talent and Workforce Crises: Both the Hartford area and nationwide, nonprofits struggle to attract and retain talented staff. Compensation limitations create competition disadvantages against corporate employers, while burnout threatens mission delivery. Funding Fragmentation: The nonprofit landscape has become increasingly fragmented, with declining support from traditional sources. Federal and state funding has stagnated or declined, forcing organizations to diversify revenue streams—a costly endeavor for under- resourced institutions. Inflation and Operational Pressures: Recent inflation has dramatically increased operating costs. Utilities, salaries, supplies, and facilities expenses have outpaced revenue growth, squeezing margins that were never generous to begin with. Demographic and Regional Shifts: Hartford and the Northeast face population changes affecting nonprofits' constituent bases. Aging demographics require services for seniors, while younger populations migrate elsewhere, creating program demand uncertainty. Whether philanthropy is your vocation or your avocation and whether you work for a service– providing organization or the grant makers that support them, you must continually look to strengthen your governance, increase the efficiency of your operations and strive to achieve real, measurable results in your area of interest. Dedicated exclusively to serving endowments and foundations, The Aegis Group at Morgan Stanley represents a rare concentration of experience within Morgan Stanley's broader Wealth Management platform. Comprised of Financial Advisors, Institutional Consultants, Portfolio Managers and Investment Strategists and Client Service Associates serve as nonprofit sector stewards. The team brings together professionals with decades of combined experience in foundation and endowment management. Our name—Aegis, meaning protection and guidance—aptly reflects our mission: to shield nonprofit institutions from financial volatility while guiding them toward sustainable growth. What distinguishes the Aegis Group at Morgan Stanley is dedication. Our team lives and breathes the nonprofit sector. We understand the distinctive regulations governing endowments, the fiduciary responsibilities of foundation boards, the complexities of donor intent, and the intersection between mission fulfillment and financial stewardship. This deep dedication has made The Aegis Group at Morgan Stanley trusted advisors to hundreds of nonprofit organizations nationwide. Without the vital contributions of nonprofit organizations and the grant makers that support them, our world would be a far bleaker place. In countless ways, the philanthropic community addresses our most basic needs and underwrites the pursuit of our loftiest ambitions. The Aegis Group at Morgan Stanley is proud to play a role in helping scores of nonprofit organizations and grant makers pursue their missions. Our team provides investment management, advice, insight and administrative services to help you achieve your mission – efficiently and sustainably. *IndependentSector.org Joseph Fortuna is a Financial Advisor with the Global Wealth Management Division of Morgan Stanley in Hartford, CT The information contained in this article is not a solicitation to purchase or sell investments. Any information presented is general in nature and not intended to provide individually tailored investment advice. The strategies and/or investments referenced may not be appropriate for all investors as the appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives. Investing involves risks and there is always the potential of losing money when you invest. The views expressed herein are those of the author and may not necessarily reflect the views of Morgan Stanley Smith Barney LLC, or its affiliates. Individuals should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trusts, estate planning, charitable giving, philanthropic planning or other legal matters. The Aegis Group have engaged the Hartford Business Journal to feature this article in their publication. When Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors (collectively, "Morgan Stanley") provide "investment advice" regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account ("Retirement Account"), Morgan Stanley is a "fiduciary" as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and/or the Internal Revenue Code of 1986 (the "Code"), as applicable. When Morgan Stanley provides brokerage services or investment education or otherwise does not provide "investment advice", Morgan Stanley will generally not be considered a "fiduciary" under ERISA and/ or the Code. For more information regarding Morgan Stanley's role with respect to a Retirement Account, please visit www.morganstanley.com/ disclosures/dol. Tax laws are complex and subject to change. Morgan Stanley does not provide tax or legal advice. Individuals are encouraged to consult their tax and legal advisors (a) before establishing a Retirement Account, and (b) regarding any potential tax, ERISA and related consequences of any investments or other transactions made with respect to a Retirement Account. Information contained herein has been obtained from sources considered to be reliable, but we do not guarantee their accuracy or completeness. Morgan Stanley Smith Barney LLC. Member SIPC. CRC 5701004 07/26 Joseph E. Fortuna, CIMA Executive Director & Senior Institutional Consultant The Aegis Group at Morgan Stanley 225 Asylum Street – Suite 14 Hartford, CT 06103 Direct: 860-275-0744 Cell: 626-756-6761 joseph.fortuna@morganstanley.com NMLS ID: 1279503 Featured in photo (from left to right) Wealth Management Associate Manon Champagne, Financial Advisor Viktor Hammer, Financial Advisor Joseph Fortuna, Financial Advisor Salvatore Cipolla, Registered Client Service Associate Cassie Beauvais S P O N S O R E D C O N T E N T Resources to Help Your Mission: The Aegis Group at Morgan Stanley

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