August 17 is recognized as National Nonprofit Day and provides us as an opportunity to recognize the tremendous efforts charities and other nonprofit organizations put into making a difference in our communities in so many positive ways. As accountants, we also like to look at some real numbers that are impacted by the nonprofit community throughout the country and especially here in Pennsylvania.
Let’s take a look:
- There are over 1.54 million nonprofit organizations in the United States. Approximately 1.08 million are public charities.
- Nonprofit organizations create jobs throughout the United States. The Bureau of Labor Statistics reports that nonprofits employ more than 10% of America’s workforce.
- Estimates range from 25-30% of people in the United States doing some kind of volunteer work each year.
- Nonprofit organizations raise over $427 billion in donations each year in the United States.
- Approximately 5.6% of the United States gross domestic product comes from nonprofits, while total U.S. nonprofit annual revenue is $2.62 trillion.
In Pennsylvania alone:
- According to Pennsylvania Association of Nonprofit Organizations, there are approximately 73,000 nonprofit organizations in Pennsylvania, about 50,000 are public charities.
- Nonprofits have over 800,000 employees or make up 15% of the Pennsylvania workforce.
- Pennsylvania nonprofits generate $116.7 billion in annual revenue and serve millions of state residents.
No doubt, the numbers are impressive. And the nonprofit community has been in the forefront of each and every national health or safety issue, especially over the past five years with COVID-19, hurricane related disasters, opioid addiction, and affordable housing for the disadvantaged just to name a few. Nonprofit professionals and volunteers working side-by-side to improve our communities and quality of life has made a profound impact on our nation.
But no different than the for profit world, economic pressures from COVID-19, workforce shortages, supply chain headaches, and now inflationary concerns, nonprofit organizations have been faced with significant operational challenges that have required timely strategic decision making and at times, critical shifts and pivoting to keep the doors open. And more challenges lie ahead.
Purpose Through Profits
National nonprofit day provides a moment to reflect on the impact that these organizations have had personally on our individual lives, as well as what we may be able to contribute going forward with our time and talents to positively impact the nonprofit community. This approach has led McKonly & Asbury to embrace the idea of Purpose through Profits which utilizes our firm’s strengths and resources to make giving back an integral part of who we are. We work as a unified team to realize our shared goals, demonstrate consistent values, and share in actionable responsibility to our culture and community. Each year, our team comes together to support initiatives and provide service to the communities in which we live and work.
At the end of the day we are still a business, but by encouraging our employees to give their time and skills to the community during work hours, we are creating a company that shows we are more than just the bottom line.