Diversify, Diversify, Diversify

Austin, Texas-based LifeWorks, which provides support and services to runaway and homeless youths in central Texas, recently benefited from its diverse funding environment. The organization has more than 60 funding sources, including federal, state and local government.

“Nonprofits must be prepared for inevitable changes in funding priorities and sources of funding,” says Cheri Hicks, LifeWorks’ director of finance. “We recently experienced this when a funding agency shifted funding priorities, which resulted in a loss of monies for several programs.