On the radio last week Mayor Bill de Blasio said the city is having a “very honest, internal conversation to figure out what we can do for the nonprofit sector” in his upcoming executive budget. I hope he knows the dire circumstances facing nonprofits in the city.
Many nonprofits are already on the edge. More than 10% are insolvent (18% in human services) and almost half have virtually no cash and limited access to credit. Reductions in federal discretionary spending will hit them very hard.