More than one-third of U.S. nonprofits are in jeopardy of closing within two years because of the financial harm inflicted by the viral pandemic, according to a study being released Wednesday by the philanthropy research group Candid and the Center for Disaster Philanthropy.
The study’s findings underscore the perils for nonprofits and charities whose financial needs have escalated over the past year, well in excess of the donations that most have received from individuals and foundations. The researchers analyzed how roughly 300,000 nonprofits would fare under 20 scenarios of varying severity. The worst-case scenario led to the closings of 38% of the nonprofits. Even the scenarios seen as more realistic resulted in closures well into double digit percentages.
Officials of Candid, which includes the philanthropic information resources GuideStar and Foundation Center, and the Center for Disaster Philanthropy, which analyzes charitable giving during crises, said the most dire scenarios could be avoided if donations were to increase substantially — from the government as well as from private contributors.
“If you are a donor who cares about an organization that is rooted in place and relies on revenue from in-person services, now is the time probably to give more,” said Jacob Harold, Candid’s executive vice president.
Among the most vulnerable nonprofits, the study said, are those involved in arts and entertainment, which depend on ticket sales for most of their revenue, cannot significantly their reduce expenses and don’t typically hold much cash.
Other studies have concluded that smaller arts and culture groups, in particular, are at serious risk. Californians for the Arts, for example, surveyed arts and culture nonprofits in the state and found that about 64% had shrunk their workforces. Roughly 25% of them had slashed 90% or more of their staffs. And a report last week from New York State Comptroller Thomas P. DiNapoli found that employment in New York City’s arts, entertainment and recreation sector tumbled 66% during 2020.
“It really has been devastating,” said Kristina Newman-Scott, president of BRIC, a Brooklyn arts institution best-known for its community TV channel and Celebrate Brooklyn! concert series. “We have a lot of empathy for our colleagues and friends in the arts space who, based on their model, see things that are just not going to be the same for them. They will be navigating a very different financial pathway.”
Newman-Scott said BRIC has been helping sustain smaller arts nonprofits and offering artists unrestricted $10,000 grants through its Colene Brown Art Prize.
“We are anxious to get back to in-person events,” she said. “But we want to do it as part of a community. We don’t want to be the only one. We want other organizations that are and have been doing extraordinary work, especially the smaller folks who have it harder because they just don’t have as many resources. We want them to be around us also.”
Harold, the Candid executive, said that while arts and entertainment groups may be at particular risk, nonprofits from all sectors are in danger. According to the study, the District of Columbia was expected to lose the most nonprofits per capita, followed by Vermont and North Dakota.
The most vulnerable nonprofits may try to reduce costs this year by narrowing their focus or by furloughing workers. Some may seek a merger or an acquisition to bolster their financial viability, Harold noted, although doing so would still mean that fewer nonprofits would survive.
“A lot of nonprofit boards were able to say, ‘Oh, this is going to end soon’ and ‘We’re fine for a year,’” Harold said. “But they might not be fine for two years. So if they dragged their feet last year, they may find themselves really having to scramble this year to make the structural changes now.”
The perils that nonprofits face are similar to the economic damage from the pandemic that forced so many restaurants to either close or operate at deep losses over the past year. An estimated 110,000 restaurants — roughly one in six — closed in 2020 and, according to the National Restaurant Association, the pandemic could force 500,000 more to shut down.
President Joe Biden last week ordered the Small Business Administration to prioritize businesses and nonprofits with fewer than 20 employees in the awarding of loans through the Paycheck Protection Program.
“Since the beginning of this pandemic, 400,000 small businesses have closed — 400,000 — and millions more are hanging by a thread,” Biden said. “It’s hurting black, Latino and Asian American communities the hardest.”
Harold said that while the federal government’s focus on small businesses and small nonprofits will help some of them survive, “it’s not going to have a huge impact.”
The Candid/Center for Disaster Philanthropy study found that $20.2 billion was donated to combat COVID-19 in 2020, with 44% of it coming from corporations. It was one of many notable shifts in philanthropy during the pandemic.
“We were definitely seeing more grants for flexible operating expenses and general support,” said Grace Sato, Candid’s director of research. “More grants were explicitly designated for vulnerable communities, communities most impacted by the pandemic.”
The pandemic also made some major foundations recognize how burdensome their grant process has been and finally took steps to simplify it, Harold said.
“One of the dominant emotional dynamics is guilt,” he said. “They finally crossed the threshold. We saw that with hundreds and hundreds of foundations.”
Electronics giant Walton has introduced another new series of split type air conditioner (AC) named Oceanus, featuring offline voice command function, ultraviolet (UV) care, frost wash and more advanced facilities.
Users can control the AC with a voice command function without using a remote control. This AC is also designed with energy-saving inverter technology.
Walton Hi-Tech Industries Director SM Mahbubul Alam unveiled the AC at the programme "AC Service Experts Meet 2021" in Gazipur on Thursday.
Ariful Islam, Walton's AC research and development department head, said, "The AC will be in standby mode when power is connected. At this time, saying 'Hello Walton' will turn on the AC's active mode."
"Also, the user will be able to operate the AC with instructions. To set a specific temperature, one will have to say the desired temperature with the command – cool mode."
"If one says 20 degrees, the AC temperature will be set at 20 degrees. The users will have to say 'AC off,' to turn off the AC," Ariful said.
"If the users do not give any command for 10 seconds, the AC will go into standby mode. In this case, they will have to turn on the 'Active Mode' again by saying 'Hello Walton'. Another command can be given three seconds after that."
Also, the new AC's UV Care technology will destroy bacteria and viruses – present in the indoor air. Frost Clean technology will automatically melt the ice inside the AC and take it out.
So, the use and maintenance of this AC will be hassle-free. Walton said.
E-commerce site Daraz, a concern of Alibaba Group, is going to add another feather to its cap by acquiring the assets of food delivery service company HungryNaki.
Both the concerns came up with this development in a joint press conference arranged by them at Bangabandhu International Conference Center (BICC) in the city.
Daraz’s Managing Director Syed Mostahidal Hoq, HungryNaki CEO and Co-founder AD Ahmad and other high officials from both the companies were present at the press conference.
Daraz has taken over most of the tangible and intangible assets of Hungrynaki. However, HungryNaki will keep functioning as usual with all the existing employees and will operate as a separate brand with an independent food delivery platform owned by Daraz directly.
Daraz’s Managing Director Syed Mostahidal Hoq said, “We aspire to be a one stop solution for all our customers’ needs. And getting into the food delivery business is a natural move. HungryNaki is the pioneer in the food delivery business in Bangladesh with a loyal customer base.”
AD Ahmad said, “This is an auspicious moment for all of us because this acquisition by Daraz proves that our e-commerce industry is in an optimistic state. Moreover, this is a positive sign for other local start-ups, and this kind of acquisition will play a full part in the revival of our economy by expediting positive impacts. We will be working with Daraz to make Hugnrynaki a formidable player in the market,”
Founded in 2013, HungryNaki is an app-based food delivery service company. With a network span of a large number of restaurants, cloud kitchen, home kitchen and service extended five cities in Bangladesh; HungryNaki offers on-demand delivery to cross-sections of people.
At the moment, the company is serving more than 500,000 customers across Dhaka, Chattogram, Sylhet, Cox’s Bazar and Narayanganj.
On the other hand, Daraz is the leading online marketplace in South Asia, empowering tens of thousands of sellers to connect with millions of customers.
Daraz provides immediate and easy access to 10 million products in more than 100+ categories and delivers more than 2 million packages every month to all corners of its countries.
PRAN, a leading food processor in Bangladesh, has got good response from the buyers in Gulfood fair-2021, one of the largest food fair in the world.
The conglomerate bagged good order of biscuit, noodles and confectionary items in the fair amid corona situation, said a press release.
The five-day fair ended on February 25. About 2500 exhibitors from 85 countries exhibited their products in the fair held at Dubai World Trade Center in UAE.
This year, PRAN bagged worth of $3.5 million export orders from various organization of 76 countries and their most desired products are biscuit, noodles and confectionery.
The export order at the products is around 50 percent of the total order.
Therefore, PRAN has tried to deliver and market its products smoothly across the world amid corona. For this dedication, the importers thanks PRAN for its effort.
Mizanur Rahman, Executive Director of PRAN Export said, “PRAN bags most spot order from the Europe’s Germany and England, Africa’s Ghana, Mali and South Africa and Yamen from Middle east country.
The group displayed around 500 products in 10 categories including juice and beverage, confectionary, snacks, biscuit and bakery, culinary, dairy, spice and frozen items.
He also added that PRAN participated the fair maintaining proper hygiene and received good response from the participants. Agro processing products have huge demand across the world.
Also read: 10 Pran-RFL companies get productivity award
PRAN is trying to establish the sector as one of the most important sector for earning foreign currency. The group is now exporting its products regularly in 145 countries around the world.
State Minister for Foreign Affairs Shahriar Alam, High officials of Commerce Ministry and Export Promotion Bureau visited the PRAN’s pavilion and expressed their satisfaction to see the Bangladeshi participant at the fair.
realme, a popular brand among the youth, has launched smartphone with 108 MP camera for the first time in the country.
This interesting feature of the realme 8 series smartphones was unveiled at the online Camera Innovation Event held on Tuesday, said a press release.
Also read: Realme completes 1 year in Bangladesh
With sharper photo quality, the world’s first tilt-shift time-lapse video, starry time-lapse video and new portrait filters, realme upcoming 8 series will boast this 108MP camera setup which will definitely take the trendsetting photography to a new height and any user will fall in love with its 108 MP camera.
Equipped with the latest generation of 108MP sensor HM2 as the primary camera, 9-in-1pixel binning, ISOCELL Plus and Smart-ISO, smartphones of realme 8 series will now be able to capture stunning photos with vivid colors and sharp details defying any light barrier.
In-sensor zoom technology will only use the 12 megapixels mapped with the zoomed part to generate an image. After processing an image with clarity enhancement algorithm, a 3x photo from realme phones will even be better than some optical telephoto lenses in terms of sharpness.
Launched for the first time, realme has come up with an exclusive time-lapse video algorithm based on starry photos. It will take 480s to shoot 30 photos and then generate a 1s time-lapse video, which means the time-lapse mode can show the perpetual changing universes at 480 times faster speed.
Finally, with new portrait filters available in the realme 8 series phones, the youth will never find it difficult to take snaps. realme 8 series phones will be facilitated with three iconic filters - Neon Portrait, Dynamic Bokeh Portrait, and AI Color Portrait to make every shot more trendy and stunning.
Also read:Realme grows over 50% for 2 years
The 108 MP camera of realme 8 series has really set the trend in terms of technology. Tech lovers are speculating that the latest smartphones of 8 series will be launched in the country's market very soon.