Explanation
A risk is an uncertain event that may harm the project. Risk is an undesirable outcome. Project risk can harm a project or can have an adverse effect on it.

The risks that the research center can face while working on the project can be explained as follows:

The research center receives most of its fundings and donations from public, corporations, foundations, and government. The operation of the organization is based on these fundings. If the funding is stopped, the organization can come to a standstill.
Many non-profit research centres work on the same type of projects. Every research center tries to attract stakeholders with their innovative approaches. So, the organization holds the risk that the stakeholders or donators may get a shift to the competitors.
The risk of the reports not getting completed on time or before the given timeline can affect the project. Delay in the process may affect the image of the organization in front of the stakeholders.
The board expects that the reports should be made attractive and presented effectively and the format of the financial statements should align with that of the competitors. This would be a new thing for the organization and they may face issues doing so.
Sample Response
The different types of risks that could harm the project are as follows:

Problems in funding
Competition
Time risk
Usability risk