NONPROFIT ORGANISATIONS EMPLOY over 100,000 people and generate an annual income of €6 billion according to an AIB report.
It found that 94% of the 131 nonprofits surveyed said they were already publicly disclosing detailed annual financial statements.
The nonprofit sector includes charities, clubs and housing associations.
Minister for Justice Frances Fitzgerald said the report highlighted that issues of transparency and accountability had risen to the fore in the charity sector.
As we approach the Christmas period when people are thinking about charitable giving, I would like to reassure donors, philanthropists and lenders that the new Charities Regulatory Authority set up by this government in October 2014 will enhance governance, transparency and accountability in the nonprofit sector.
The report also contains detailed findings based on new research by Ipsos Mrbi.
It found that up to 79% of nonprofits rely to some degree on government funding.
Uncertainty about funding, especially from the Government, remains a challenge with an increasing demand for services also an issue.
In response to this challenge the sector is placing increasing importance on new fundraising initiatives such as sponsored events, local business or corporate sponsorship/partnership and online/social media donations and campaigns.
Some 60% of nonprofits rely on up to 50 volunteers to support their activities, and this volunteer engagement rises to over 500 for 9% of organisations.
The report also found that the most pressing need is for Government to resolve the issue of the 23% VAT rate applied to charities.
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