The largest charities in the country continued to recover in 2014 from the Great Recession, with some approaching pre-recession levels of revenue, the NonProfit Times reports.
In the twenty-seventh annual NPT 100 study, aggregate total revenue for the hundred organizations in the list was $75.4 billion, an increase of 3.6 percent compared to the $72.8 billion raised by organizations in last year's list, with public support totaling $38.66 billion, up some 4.6 percent from $36.97 billion the previous year. According to Daniel Romano, national partner-in-charge for Northeast higher education and not-for-profit practices at accounting firm Grant Thornton, charitable giving totaled more than $350 billion in 2014, a roughly 5 percent year-over-year increase. "It's the fifth straight year of growth, nearing, if not reaching, pre-recession levels," said Romano.
The Y topped the list, with $6.6 billion in revenue in FY 2014, including $934 million in public support, while the Whitney Museum of American Art, with $178 million in total revenue, came in at number 100. The American Red Cross and Susan G. Komen for the Cure saw their revenues decrease by 12.8 percent and 13.3 percent, respectively — declines attributed to the discontinuation of Komen’s three-day Walk for the Cure events and a lack of major disasters in the U.S.
Overall, seventy-three organizations in the top hundred reported an increase in revenues, while nine reported a decline of 10 percent or more. "The economy is part of it," said Romano. "[The organizations] also have resources issues. Talent is limited as well. Organizations are trying to address their resources demands."