Hickey: 'plan for economic downturn'

Charity finance directors should do as much risk planning as possible in order to weather the economic slowdown, according to Keith Hickey, chief executive of the Charity Finance Directors' Group.

Charities face a potential "three-way hit" from rising costs, falling incomes and increased demand for their services, he said in an interview with Third Sector. He advised charity finance directors to ensure that their organisations were stable.

"You need to look at high-risk areas and ensure you've done everything you can," he said. "Do you have a policy if your income drops by 10 per cent? What is your reserves policy? Do you have diversified income streams?"

Hickey said finance directors who had made plans to accommodate the credit crunch would now start to see the rewards. "This is when we see how well they've been doing their jobs," he said.

He added that charities with well-diversified income streams would be better placed to manage future risk.

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