A report by one of Britain?s leading nonprofit-sector organizations estimated that U.K. charities could lose up to $8.7-billion in public support this year, according to the BBC.
The study by the Association of Chief Executives of Voluntary Organisations was based on expected income loss reported by 1,725 nonprofit groups that applied to the $158-million transition fund set up by the government to help charities hit by local and national budget cuts.
The report, which was leaked to the media, said nonprofit groups? financial condition has worsened in the past 12 months and that charities face a collective loss of between $1.6-billion and $8.7-billion in the current fiscal year.
The government?s Cabinet Office termed the findings a misrepresentation, saying it took into account only applicants to the transition fund, rather than a broader range of groups, and that its own analysis ?shows that some applicants overstated their expected reductions.?
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