Rising costs continue to be a top concern for the sector. The number of nonprofits expecting operating expenses to increase over the next three months jumped from 37% in Q1 to 52% in Q2. In order to combat inflation, the Bank of Canada has aggressively raised interest rates over the past several months. While most economists are predicting that the recession will be short-lived, nonprofits are still likely to feel an impact as individuals donate less and major funders tighten their belts in response to low returns in the market.
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