For the charitable sector, this shift necessitates a renewed focus on investment through the ‘value for money’ lens. Plans need to include:
- clear and viable financial sustainability model
- commitment to fiscal prudence
- and a plan for operational funding following the initial investment
Many charities are also exploring social enterprise as a means to generate additional revenue, and many are seeking out corporate partners to assist them in fulfilling their missions. Assessing your programs to make sure they are viable in this new reality is becoming increasingly important to plan not only for the changes in government support but also the changes in fundraising programs that are on the horizon.
For corporations, there will be increased pressure from the community to support the charitable sector to help fill the gap that government funding once filled. Most corporations have CSR guidelines (Corporate Social Responsibility), or Social Impact Programs, budgets, and employees willing to volunteer their time and skills. It will become increasingly important for corporations to take a leadership role in planning for this change and prioritize their giving to ensure they make the most community impact and develop the best charitable partnerships to align philanthropic causes with their own corporate goals and missions.
Manitobans are the most generous philanthropically in Canada and play an important role in providing solutions to the challenges our Province faces. We continue to be grateful for the hard work done every day by the charitable sector of Manitoba, and by the incredible support they receive from the corporate community.