COVID-19 and Your Nonprofit Finances
“We need help to understand our financial picture, determine what federal programs to apply for, and generally work on our financial sustainability.”
This is what we are hearing from all kinds of nonprofits right now. In the short run, here are links to a few resources that we have a lot of faith in. We will add to this page as we hear of new resources.
- The Nonprofit Finance Fund is a national organization focused on financial sustainability for nonprofits. They are offering a series of free webinars about navigating through the current crisis conditions. In addition, they have posted some great tools for cashflow forecasting and scenario planning here.
- Curt Klotz, CLA’s Director of Nonprofit Innovation, has posted some great resources like this recording on cash management and cash modelling for nonprofits and this one on personnel strategies in the face of impossible choices.
- Scott Shaffer has written an informative blog post on financial survival tools.
Here’s one piece of news that may be helpful for some: the IRS announced that the deadline for filing 990 tax returns will be extended to July 15.
We are offering more basic and advanced finance workshops in our Spring learning schedule.
- Finance Unlocked for Nonprofits (FUN) will be offered online on May 6 for free! This workshop will expand your board and staff’s understanding of the basics of nonprofit finance, supporting your ability to have the conversations you need to have to plan for your organization’s future.
- Scott Shaffer will present a 2-part workshop on Navigating the Financial Impact of COVID-19 at the Washington State Nonprofit Conference—A Virtual Event on May 19 & 20. We have extended the early bird discount through May 4th. Register today!
- Curt Klotz will present a 3-part online class titled True Program Costs and Financial Innovation through Washington Nonprofits beginning July 14.
501 Commons offers financial services ranging from quick consults to bookkeeping and tax preparation. Their financial staff are gearing up to assist nonprofits with federal loan applications and other COVID-19 related challenges.
If you have questions specifically about the Payroll Protection Program or other federal loan programs, visit our post about Navigating CARES Act Assistance Programs.