The 2017 CFO Spotlight Survey attracted respondents from a number of industries in Phoenix and Tucson. We will highlight the not-for-profit segment here in terms of growth, risk factors, strengths and trends.
A sampling of community outreach, research, academic media, and charitable organizations responded to the CFO Survey. Two-thirds of organizations were from Tucson and one-third from Phoenix. Not-for-profit revenue expectations were mixed, with 43% expecting a slight increase, 36% expecting revenues to stay the same, and 14% expecting decreases in 2017. CFOs expected the economic climate to be stable, with a sense that the state was better than 12 months ago. They were concerned about skilled talent, new leadership, and more research and development. They will be watching government regulation and consumer confidence indicators in the coming year. Technology investment was high in 2016, so 2017 will be more focused on leveraging that technology for collaboration, communication, and efficiency. [infogram id="2017_az_cfo_spotlight_survey___not_for_profit_revenue_expectations" prefix="fAm" format="interactive" title="2017 AZ CFO Spotlight Survey - Not-for-Profit Revenue Expectations"] This group had more concerns around water supplies with regard to population density and how it would affect their customers or expansion plans. One CFO noted the loss of a major residential development due to insufficient water supplies.
AVERAGE SIZE: 243 employees AVERAGE REVENUE: $20 million
CFO Says: “The Department of Labor overtime regulations and increases to the minimum wage are increasing our labor burden.”
Revenue in 2017
Will increase slightly: 75%
Decrease slightly: 25%
Optimism? 50% very optimistic 25% somewhat uncertain. Access to Cash? No problem! Border Security? 46% some impact. Environmental Issues? Nope, none. Millennials? Yes please!
Top Areas of Focus:
Improved Internal Controls
CFOs in not-for-profits are particularly data driven and cost conscious. They are leveraging new technologies to gather data, increase efficiency and communicate proactively. They were also concerned with staying in touch with a younger demographic.