Nonprofit organizations and charities have distinct needscompared with other sectors of the economy. To get perspectives onthe risk management and insurance problems that nonprofit managersface, I turned to several independent insurance agents and brokerswho are experienced in the nonprofit market.
It's a small world, and budgets are no exception. Despite thelarge combined size of nonprofit organizations, most nonprofitentities and charities are small. Overall, about 75 percent ofcharities that are required to report to the Internal RevenueService showed yearly expenses of less than $500,000 in 2008. Justfour of 100 charities reported expenses of more than $10million.
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