Grant Thornton appoints Hannah Hiscox as Not for Profit industry leader

Accounting and consulting firm Grant Thornton has appointed Brisbane-based audit partner and company veteran Hannah Hiscox as the new national head of its Not for Profit industry practice.

Hiscox has been with Grant Thornton for over two and a half decades, joining the accounting and consulting firm as a graduate at the beginning of 2001 after completing a business degree in accounting with Central Queensland University.

Since adding a post-grad in philanthropy & nonprofit studies with the Queensland University of Technology, Hiscox will now head up Grant Thornton’s national Not for Profit practice, having previously led its auditing engagements for the sector.

“Hannah brings outstanding sector expertise, strong client relationships, and a deep understanding of the challenges and opportunities facing not-for-profit organisations in today’s market, and she has already made a significant contribution to our Not for Profit team and broader financial sustainability initiatives,” said Grant Thornton chief marketing officer and national head of industry, Fraser McNaughton.

The Not for Profit practice covers clients across a wide range of sectors, including those in health & aged care, community services, social assistance, disability, and education along with membership-based organisations and religious institutions, providing services in audit, tax, risk advisory & compliance, and business consulting, catered to the sector’s specific and unique needs.

“I’m excited to lead the industry group and build on the strong foundations already established by the team,” Hiscox said. “Against a backdrop of rising cost-of-living pressures and economic uncertainty, not-for-profits are facing increasingly complex challenges to maintain financial sustainability, and I look forward to helping our clients address these challenges.”

While certain vices have long been said to be ‘recession-proof’, the not-for-profit sector on the other side, often relying on charitable donations, certainly is not. Last year’s annual global ‘world giving’ report from the Charities Aid Foundation saw Australia slip from 8th to 13th on the ‘total number of donors’ country rankings, with barely half of the population now being able to afford or inclined to give.

That can amount to significant financial strain for social sector organisations, with their finance functions often lacking in-house expertise when ‘profit’ isn’t a driving factor. Meanwhile, demand for their services continues to rise, in critical areas such as housing, mental health, and domestic violence support – in part driven by the very same economic pressures which diminish funding.

And that’s even before taking other institutional factors into account, such as attracting the requisite talent to begin with and having the provisions for ongoing professional development, plus a likely deficit in technological and governance expertise, with cybersecurity unfortunately becoming a major issue for non-government service providers privy to sensitive personal information and data.

“The not-for-profit or for-purpose sector represents the pulse of our society – a pulse that drives connection within communities and our economy and draws on the power of human connection,” Grant Thornton states on its website. “But among the greatest of uncertainties and challenges, the sector remains a symbol of resilience and unwavering commitment to a worthwhile cause.”