Handbook of Research on Nonprofit Economics and Management
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Handbook of Research on Nonprofit Economics and Management

Second Edition

Edited by Bruce A. Seaman and Dennis R. Young

Building on the success of the first edition, this thoroughly revised and expanded edition explores (1) areas of general agreement from previous research; (2) areas of conflicting results and unexplored questions; (3) the relative roles of theory, data availability and empirical analysis in explaining gaps in our knowledge; and (4) what must be done to improve our knowledge and extend the literature. Selected original chapters addressing especially challenging topics include the value of risk management to nonprofit decision-making; nonprofit wages theory and evidence; the valuation of volunteer labor; property tax exemption for nonprofits; when is competition good for the third sector; and product diversification and social enterprise; international perspectives; the application of experimental research and the macroeconomic effects of the nonprofit sector.
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Chapter 11: Nonprofits and the value of risk management

Martin F. Grace

Abstract

Nonprofits have different missions and may have different objective functions. This is, in part, why individual nonprofits exist. This chapter provides background to the theory underlying risk management. Second, a brief overview of the risk management process is provided. Third, the strategic benefits of risk management are discussed. In addition to minimizing the cost of risk, the proper use of risk management can provide new opportunities or preserve opportunities in the event of a serious problem. Fourth, two short case studies of non-profits using various risk management techniques are provided. Finally, the last section provides conclusions and directions for future research.

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