Nonprofit organizations and charities have distinct needs compared with other sectors of the economy. To get perspectives on the risk management and insurance problems that nonprofit managers face, I turned to several independent insurance agents and brokers who are experienced in the nonprofit market.
It's a small world, and budgets are no exception. Despite the large combined size of nonprofit organizations, most nonprofit entities and charities are small. Overall, about 75 percent of charities that are required to report to the Internal Revenue Service showed yearly expenses of less than $500,000 in 2008. Just four of 100 charities reported expenses of more than $10 million.
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