A recent study of New England nonprofit leadership by Third Sector New England, funded in part by the Hartford Foundation for Public Giving, shows Greater Hartford nonprofit execs are concerned about the financial viability of their organizations.
The study found 73 percent of the nonprofits have six months or less cash reserves. Seven percent reported having none at all.
More than 1,200 executive directors and board members from New England responded. Of the surveyed executives, 123 directors and 49 board members were from the Hartford Foundation for Public Giving’s service area.
For executive directors and board members alike, fundraising is by far the most challenging part of the job. According to the results of the study, it’s almost three times more challenging than any other area. Financial management, and managing and developing staff are also cited as major challenges.
In other areas, nonprofits do well.
Nonprofit diversity in leadership in Greater Hartford is greater than in New England as a whole. The survey shows 23 percent of Hartford-area leaders are non-white, compared to 13 percent in New England. Board members are 37 percent non-white locally, compared to 14 percent in New England.
Among nonprofit executives, outside of Hartford, 40 percent feel their staffs are not diverse. In Hartford that number drops to 21 percent.
According to a statement from the Hartford Foundation for Public Giving, the greater racial and ethnic diversity in the region may be due in part to the foundation’s board diversity policy, which requires the boards of applicant organizations to reflect the communities they serve.
Compared to the rest of New England, the Greater Hartford-area executive leaders were generally older, more racially and ethnically diverse, and have been in their current positions longer.
Nearly two-thirds (64 percent) of New England respondents, and 69 percent of Hartford region respondents, have at least a master’s degree. Despite the educational credentials of its nonprofit leaders, two-thirds of Hartford area nonprofit CEOs have salaries under $99,000, with 22 percent of those having salaries under $50,000.
The Hartford Foundation said the gender gap in the region’s nonprofit sector is stark. Overall, just 9 percent of female nonprofit leaders have salaries over $200,000, compared with 35 percent of male nonprofit leaders.
