2 in 3 charities reviewing finances, survey shows
Date posted: 24 Jun 2009
Nearly two-thirds of charities (64 per cent) have admitted that they are reviewing their finances in light of the recession, research has revealed.
Charities are also opting to bank with smaller, non-traditional lenders, according to a survey of 280 charities by the Charities Aid Foundation (CAF).
Over a third of organisations (37 per cent) cited excessive bonuses among high-street bankers as the main reason for moving their money.
Nearly two-thirds of charities (64 per cent) have admitted that they are reviewing their finances in light of the recession, research has revealed.
Charities are also opting to bank with smaller, non-traditional lenders, according to a survey of 280 charities by the Charities Aid Foundation (CAF).
Over a third of organisations (37 per cent) cited excessive bonuses among high-street bankers as the main reason for moving their money.
Peter Mitchell, chief executive of the CAF Bank, described the shift in attitude towards banking by charities during the recession as "seismic".
He said: "Safety and security have become paramount so charities have sought banks that share their values of low risk and prudence.
"Charities need to protect their valuable reserves from unnecessary erosion and choose good value banking providers which allow them to use their money for what it is intended for; supporting worthwhile causes."
The survey follows a warning issued by the Charity Commission and the Confederation of British Industry for charities to take a serious look at their financial health during the recession.
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