Planning for your Nonprofit’s Financial Health

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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.

Session Overview

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
Program income​​ Insurance

 

COVID-19 Grants Subject to Single Audits

Program title​​​ CFDA​​
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

Program title​​​ CFDA​​
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​​​​

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  • Know the details of your financial situation and make sure board members are aware of it.
  • If you received grants, gifts or other federal aid, know they could be subject to single audits, depending on the amount. Keep all documentation.
  • Find different streams of revenue by checking services and programs the organization provides to the community. Measure their effectiveness and cost.
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