BCF Releases Nonprofit Sector Finances Report
The Bermuda Community Foundation [BCF] released a report on the financial status of Bermuda’s registered charitable entities, which includes information on the charitable sector’s revenues, expenses, assets and liabilities.
“The timing is important,” notes Dr Myra Virgil, Managing Director of the BCF. “During the early months of the pandemic in 2020, the services provided by numerous nonprofits were nothing short of crucial to the health and safety of the community.
“For the second year, we are seeing how the pandemic has created significant need that continues to be addressed by the nonprofit sector. There can be no doubt in anyone’s mind that our nonprofit sector must be protected and nurtured. To determine the scope of the issue, we needed to become better informed about the current status and so began the research for this report.”
The BCF noted, “At November 2020, the financial filings of 268 charitable entities listed on the Registry of Charities were analyzed. The estimated annual revenue for the sector was $146,710,256 and annual expenses were $138,298,242, excluding the Bermuda Hospitals Board. Including the BHB, the total was $467,754,185 in annual revenue and $482,082,258 in annual expenses.”
“When we consider the charitable purposes of the nonprofit sector as a whole, the full range of potential classifications are represented,” says Dr Virgil. “The greatest proportion of registered charitable entities affiliate their charitable purposes with education. Almost 80% of registered charitable entities are involved in education, sport, relief for those in need, the arts, culture, heritage or sciences, health and citizenship and community development.”
The 2021 Third Sector Financial Snapshot follows below [PDF here]
