The Costs and Benefits of Visibility: A Panel Study of Nonprofit Fundraising and Marketing Effectiveness Before and After COVID-19

Abstract

This dissertation examines how marketing and fundraising investments shape nonprofit financial outcomes in the United States. Drawing on IRS Form 990 data from more than 35,000 public charities between 2013 and 2023, it builds a longitudinal panel to assess how advertising and fundraising expenditures influence total revenue, donations, and efficiency. Using fixed-effects and interrupted time-series models, the study isolates the impact of the COVID-19 pandemic, a major external shock that disrupted fundraising channels, accelerated digital engagement, and tested the resilience of marketing strategies across the sector. Results show that sustained fundraising spending significantly increased both revenue and charitable contributions, with effects intensifying during the pandemic as nonprofits leaned on visibility to maintain donor relationships. Advertising and promotional outlays produced more variable returns, shaped by organizational size, mission, and regional context. Spatial analysis further reveals clustering of marketing intensity across counties, underscoring geographic inequalities in access to attention and support. These findings deepen understanding of how attention, capacity, and crisis interact to shape nonprofit performance. By integrating insights from signaling and resource-dependence theories, the study reframes marketing not as overhead but as a strategic investment in visibility and trust. Practically, it offers guidance for nonprofit leaders to tailor marketing strategies to mission and context, build adaptive capacity, and sustain engagement through future disruptions.