Diversify. In the business sector it’s gospel that a more diverse portfolio is more financially stable. But “there hasn’t been a lot of work done specifically on nonprofits to look at how this [revenue] concept applies to them,” says Keely Jones Stater, a sociologist affiliated with the University of Connecticut.

Stater and coauthor Deborah Carroll, an associate professor of public administration and policy at the University of Georgia, looked at all the nonprofit organizations registered with...

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