Planning for your Nonprofit’s Financial Health
The pandemic has created many hardships for nonprofits, especially financial and operational challenges. In this session speakers discussed current financial layouts and legal guidance that impacts a nonprofit’s financial success.
Financial Statements, Audits, Federal Grants
- Financial statements are important because they provide a historical listing of the organization’s financial situation.
- Know your revenue, where you are getting it and how it is being allocated. If you can build up reserves for emergencies (like a pandemic), do it.
- Use benchmarking and assess the impact of certain services to see which will give the highest yield.
- Make sure your program design is efficient in delivery (utilize technology, modify service level).
- Consolidate where you can in shared services (specializations, financial, HR).
- Collaborate with organizations with a similar mission for fundraising events and explore new areas of revenue.
- Review new standards of revenue recognition with auditors, especially for gifts and grants.
- Virtual audits are being conducted with the use of screen sharing and video calls.
- Single audits are applicable to entities that expend $750K or more in federal funds.
|TYPES OF FEDERAL AWARDS|
|Grants, cost reimbursement contracts, cooperative agreements, & direct appropriations||Donated property, including donated surplus property|
|Amounts passed through to subrecipients||Food commodities|
|Loans & loan guarantees||Interest subsidies|
COVID-19 Grants Subject to Single Audits
|Coronavirus Emergency Supplemental Funding Program||16.034|
|Coronavirus Relief Fund (CRF)||21.019|
|Disaster Assistance Loans (EIDL)||59.008|
|Educational Stabilization Fund||84.425|
|Uninsured COVID Testing and Treatment||93.461|
|Provider Relief Fund||93.498*|
|Grants for New and Expanded Services under the Health Center Program||93.527|
|Emergency Grants to address Mental and Substance use Disorders During COVID 19 Pandemic||93.665|
|Rural Health Clinic Testing||93.697|
COVID-19 Grants Not Subject to Single Audits
|Coronavirus Food Assistance Program||10.130|
|Coronavirus Relief – Pandemic Relief for Aviation Workers||21.018|
|COVID-19 Telehealth Program||32.006|
|OED Resource Partners Training Porta||59.074|
|Economic Injury Disaster Loan Emergency Advance *||59.072|
|Payroll Protection Program Loans||59.073|