Nonprofit organizations draw financial support from multiple sources including contributions, earned income, government support, and returns on investment, but the source of variation in income portfolios is not well understood. The authors draw on a "benefits theory of nonprofit finance" to...

This article presents a reformulation and empirical test of Hofferbert's (1974) "stages" heuristic, a model that fell largely out of favor due to criticisms that it does not effectively account for (1) feedback loops, or the possibility that policymakers learn from past experiences, and (2) the...