Modern Widows Club Financial Statements
THE GAP BETWEEN NEED AND FUNDING
In 2019, witnessing the significant year-over-year increase in request for our services, one seed funder established our ability to hire necessary staff to diagnose need, build capacity, grow programs, and forge long-term sustainability.
The COVID-19 pandemic struck just one year later, severely disrupting revenue streams for nonprofits around the country. Forty-two percent of organizations with budgets under $500,000 experienced decreased donations in 2020; of those organizations reporting revenue losses, an average of 31 percent of total revenue was lost by year’s end(1).
We were no exception, experiencing a substantial drop in donations. Additionally, public safety considerations necessitated postponement or cancellation of fundraising events and activities, including our 2020 Widow Empowerment Event, causing further revenue loss.
Despite this loss of funding, but mindful of those experiencing pandemic-related financial difficulties, we suspended all membership fees and community dues so that every widow could continue connecting with our services. We quickly mobilized staff and resources, moving programs online. We distributed $70,000 in microgrants to widows experiencing hardship due to illness or job loss.
Our revenue levels have not recovered from the downturn. Yet the need for our services grows daily.
A majority of our current charitable revenue is from widows helping other widows. A far wider base of supporters is essential in helping us bridge the gap between need and funding.
(1) The Urban Institute, “Nonprofit Trends and Impacts 2021,” October 2021.