Hope for Fundraisers: Resilience in Times of Crisis
Chapter Leadership Brief 4.18.25
by Margaret M. Holman
President, Holman Consulting
Hope is the lifeblood of philanthropy. In the nonprofit world, where missions often seek to change the course of lives and communities, hope fuels the passion of fundraisers who must continually inspire generosity. Since 1976, I have been raising money across all sectors of the nonprofit world, from education and healthcare to the arts, animal welfare, and humanitarian causes. My work has spanned continents, including organizations in Europe, and I have witnessed firsthand how hope sustains fundraisers through economic downturns and crises.
Fundraising is rarely easy, and economic uncertainty can make it even more daunting. However, I have lived and worked through some of the most challenging financial periods in modern history—the stock market crash of the 1980s, the aftermath of 9/11, and the Great Recession of 2008-09. Each of these events sent shockwaves through philanthropy, yet nonprofits survived, and in many cases, thrived. The key? Hope, adaptability, and an unwavering commitment to mission.
The Stock Market Crash of the 1980s: A Lesson in Adaptation
The 1987 market crash, known as "Black Monday," was a sudden and dramatic downturn that sent fundraisers scrambling. At the time I was the Sr. VP for Development and Communications at the ASPCA, I found that many nonprofits feared donors would withdraw their support. Instead at the ASPCA, we found that donors—especially major ones—were not necessarily giving less, but they were more cautious and selective.
The lesson from the 1980s was clear: fundraisers had to build strong relationships, diversify funding sources, and remain flexible in their strategies. It was also a time when nonprofits learned to communicate their impact more effectively, reassuring donors that their gifts were making a difference even in uncertain times.
The Aftermath of 9/11: Hope in Community
During the terrorist attacks of September 11, 2001, when I was 5 years into my consulting business, I remember it brought not only immense tragedy but also a renewed sense of solidarity. The immediate aftermath saw an unprecedented outpouring of generosity, as individuals and corporations donated millions to relief efforts. However, in the months that followed, many nonprofits outside of direct disaster relief feared donors would shift their priorities. Among my clients was the Anti-Defamation League. We couldn’t get to our direct mail and had to cancel many events.
Yet, hope carried us through. People continued to give, albeit differently. We saw the power of storytelling and human connection—nonprofits that shared compelling narratives about their ongoing work retained donor support. Fundraisers learned that in times of crisis, authenticity and transparency were essential. Hope was not just an abstract idea; it was a strategy.
The 2008-09 Financial Crisis: Resilience and Long-Term Thinking
Perhaps the most prolonged and complex challenge was the Great Recession. Endowments shrank, government funding was cut, and individual donors faced financial hardships. Many fundraisers worried that philanthropy would suffer long-term damage. Yet, as in previous crises, nonprofits adapted.
This period emphasized the importance of monthly giving programs, planned gifts, and donor stewardship. Organizations that maintained strong donor relationships, even when gifts were temporarily reduced, found themselves in a stronger position when the economy rebounded. I often reminded my colleagues of the words of Desmond Tutu: "Hope is being able to see that there is light despite all of the darkness."
The Power of Hope in Fundraising
What unites these crises is the unwavering spirit of generosity that exists, even in difficult times. Donors do not give solely because they have excess resources; they give because they believe in a cause. Fundraisers must remain hopeful because their work connects people to the values and missions they care about most.
As fundraisers, we must remember the words of Christopher Reeve: "Once you choose hope, anything's possible." Hope is not passive—it is an active force that propels us to innovate, adapt, and persevere. Whether through a stock market crash, a national tragedy, or a global recession, philanthropy endures. Because hope, like generosity, is resilient.
Moving Forward
Today, we face new challenges—ongoing economic uncertainties, global conflicts, and shifts in donor behavior. Yet, history shows us that nonprofits and the fundraisers who power them are incredibly resilient. By staying mission-driven, fostering deep donor relationships, and embracing new strategies, we can continue to inspire generosity.
Hope is what turns obstacles into opportunities. It is what allows fundraisers to wake up each day and ask, "Who can I inspire today?" And in the nonprofit world, that question will always matter.
Margaret M. Holman is president of Holman Consulting, a full-service fund-raising consulting firm she founded in New York City in 1991. She represented The Sharpe Group, a planned giving consulting firm for seven years and served as Senior Vice President for Development and Communications at America's first and largest humane society, The ASPCA. She has also held senior fundraising management positions at a variety of arts, health, and educational institutions throughout the country. She is an emerita president of the Philanthropic Planning Group of Greater New York, was president of Women in Development in New York, and served on the Greater New York Chapter of AFP Board. Ms. Holman is a Trustee of the University of Nebraska Foundation, is chair of the University’s College of Journalism and Mass Communications Campaign Committee, and was a board member of the Epic Theatre Ensemble. She is also co-author of The Complete Guide to Careers in Fund Raising (Kendall/Hunt Publishing Company), is co-author of Major Gifts Fundraising (Directory of Social Change in England) and is a contributing author of The Nonprofit Consulting Playbook (Charity Channel Publishing).