In the first empirical study on the impact of mergers on subsequent funding, researchers found that donations to merged nonprofits was less than the total donations to the individual nonprofits before the merger.

Adrian Sargeant and Elaine Jay of Henley Management College in Oxfordshire, England, found that individuals and organizations that supported two nonprofits prior to a merger generally gave the merged entity a gift equal to what they had donated to each group separately.

In other...

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