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No matter their size or the cause that drives them, long-term grants are essential for organisations in the voluntary sector in ensuring financial sustainability. Against a backdrop of slow economic growth, however, significant reforms to the shape of government spending has made securing such contracts an unfair fight for organisations on the smaller end of the scale.
From shrinking public sector budgets, local authority cuts and lack of long-term funding, charities across the UK are feeling the financial strain of a volatile economy. Unfortunately, the situation is made significantly worse by the number of instances of fraud that occur within the third sector each year.
While no charity would ever turn down money from a donor, it’s true that non-restricted funds are favoured by charities
It’s no secret that strong financial management and careful forecasting is critical to sustainability in the voluntary sector. However, a recent piece of research conducted by Cass Centre for Charity Effectiveness, showed that small charities often exist in a survival mind-set.