Not-for-profit boards play a key role in developing an organization’s potential by bringing expertise in a variety of fields, including accounting and risk management. The pandemic was extremely disruptive to not-for-profits, which underscores the importance of providing guidance and understanding the COVID-19 impact. All of these factors are also vital to conceptualizing future operational and endowment investment strategies. Management and board members should continue to work together to overcome any lingering repercussions from the pandemic and position the organization for the next chapter. The following are four elements of COVID-19 recovery initiatives that your board should understand.
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Topics:
not-for-profit,
Financial Statement,
Endowments,
COVID19,
COVID-19,
CARES Act,
Paycheck Protection Program,
PPP,
SBA,
COVID,
Stimulus
In late July, Senate Republicans released a proposal for the fourth round of coronavirus relief legislation. The collective of bills involved are being referred to as the Health, Economic Assistance, Liability Protection and Schools (HEALS) Act. The $1 trillion proposal contains nine separate bills that cover everything from expansions of existing coronavirus relief measures to additional funding for educational institutions. Below are five key proposals that could affect not-for-profit organizations..
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Topics:
not-for-profit,
NFP,
university,
tax credit,
COVID-19,
Paycheck Protection Program,
Employee Retention Credits,
PPP,
PPP Loan,
Heals Act,
Senate Republican,
Stimulus,
Republican Party
Not-for-profit organizations faced a particularly difficult time in the wake of the COVID-19 pandemic, with many having to temporarily shutter their doors to help mitigate the spread of the coronavirus disease. Assistance contained in the Coronavirus Aid, Relief, and Economic Security (CARES) Act broadened loan programs for small businesses to include not-for-profit organizations. These loan provisions generally provide some additional financial support to organizations with 500 or fewer employees.
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Topics:
not-for-profit,
NFP,
COVID-19,
CARES Act,
Paycheck Protection Program,
PPP,
PPP Loan,
asc topic 958,
asc topic 470,
debt
Since inception, by way of the CARES Act, the Paycheck Protection Program (PPP) has been the prime focus for American small businesses. That focus has generated many questions and concerns as such a massive program pieced together in a very short period of time is inherently subject to ambiguity and unintended outcomes.
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Topics:
not-for-profit,
NFP,
COVID-19,
CARES Act,
Paycheck Protection Program,
PPP,
PPP Loan,
SBA,
Small Business Administration
Not-for-profit organizations have been hit hard by the COVID-19 pandemic. Shelter-in-place orders have dwindled physical participation in religious and cultural activities while forcing charitable organizations to either suspend or heavily curtail operations. Financial pressures including declines in contributions, investments, and endowment balances will need to be addressed by organizational leadership so that your operations can be managed through these uncertain times. Recent pandemic-related stimulus legislation may provide some much needed resources—and stability—during this time. The following five benefits from the Coronavirus Aid, Relief, and Economic Security (CARES) Act are particularly beneficial for not-for-profit organizations.
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Topics:
Amy O’Loughlin,
NOL,
NOLs,
Not-for-profit trends,
Coronavirus,
benefits,
CARES Act,
Coronavirus Aid, Relief, and Economic Security Act,
Paycheck Protection Program,
charitable contributions,
mslp
