In January last year, on the back of a $19 million loss, New York’s largest nonprofit human services provider, Federation Employment and Guidance Services (FEGS), abruptly shut its doors. FEGS was a $250 million nonprofit organization that provided essential services to 120,000 New York households for more than 80 years. And while it hasn’t been the only nonprofit to go bankrupt in recent years, the collapse of an organization at this scale sent shockwaves through the nonprofit community and proved that there remain persistent, systemic issues that threaten the stability of the entire sector…
