The scope and prevalence of challenges that U.S.-based nonprofits face in accessing financial services are far more vast than previously understood, according to a comprehensive new report by the Charity & Security Netowrk, Financial Access for U.S. Nonprofits.
Two-thirds of U.S.-based nonprofits working abroad are facing problems accessing financial services, the report finds. These include delays in wire transfers, account closures and account refusals, requests for unusual additional documentation, and inccreased fees.
The report is based on the first-ever empirical study of the global phenomenon known as “derisking,” as it relates to U.S.-based NPOs. The report also reflects information from a number of focus group sessions and interviews with stakeholders over the last year.