What We Know So Far About COVID Philanthropy

COVID-19 spurred more than $11.9 billion in global philanthropy in the first six months of 2020. That’s just one of the findings in the Center for Disaster Philanthropy and information service Candid’s new report, Philanthropy and COVID-19 in the first half of 2020. In this report, Candid and the Center for Disaster Philanthropy explore the…

Surge in virtual events lowers revenue expectations

The COVID-19 pandemic has shifted fundraising from traditional events, such as annual galas and walkathons, to virtual happenings. But, according to research from the Peer-to-Peer Professional Forum, the revenues raised from these events often fall below projected revenues. The organization surveyed 120 North American nonprofits and found two-thirds already had hosted a virtual campaign in…

Board members: Stay alert for these 4 financial red flags

Your board members are undoubtedly well aware of your nonprofit’s financial problems during the COVID-19 pandemic. But as 2021 unwinds, the board should keep its eyes on potential problem spots, ask questions and direct remedies as needed. These four areas can present clues that the organization is headed for trouble. 1. Financial statement flaws. Late,…

Are You Prepared to Accept Cryptocurrency Gifts?

When cryptocurrencies first came on the scene, they were widely viewed as a fringe development, primarily of interest to nerds, doomsday preppers and criminals. Now they’ve moved closer to the mainstream, even prompting the IRS to add a question to its Form 1040 about transactions with virtual currencies. As more individuals and businesses have begun…

Our 7 Tips Against Scammers

Be Smart, Be Safe I once talked to an IRS agent who didn’t know the due date of the 1040 tax return for individuals. Yeah… that was one of the many ways I could tell I was dealing with a scammer. But they don’t always make it so easy. In fact, it’s getting downright hard….

COVID-19 Changes the Landscape for Single-audit Compliance

COVID-19 and its economic impact have left the nonprofit niche financially vulnerable, with corporate and individual donations dropping precipitously for many organizations. Relief funding under the CARES Act has helped some nonprofits remain reasonably stable. But funding also will likely impose new single-audit requirements on recipients already struggling to keep their heads above water. The…

Thank you.

Without a doubt, this past year has brought challenges which have left no one untouched, including my team here at Sechler Morgan as well as my friends and family. But despite all efforts to the contrary, the year 2020 has revealed what is good and noble in people. Each member of our team has watched…

Survey: 3% to 38% of Nonprofits Could Close

Candid, a nonprofit information service, estimates that as many as 38% of organizations could be forced to close in the wake of COVID-19, vs. 4% in a typical year. The service looked at more than 300,000 U.S. nonprofits and considered 20 possible scenarios that fall into three categories. The 38% figure represents the direst scenario,…

Deciding If It’s Time For a Merger

As many nonprofits struggle financially as a result of the COVID-19 crisis, some are considering merging with another organization to survive. Nonprofit mergers are nothing new, of course, but they’re not always a good idea. Read on to learn some of the factors you should weigh when evaluating merger opportunities. Wise reasons to merge Successful…

Are you using relevant ratios in these uncertain times?

Financial statements play an important role in assessing your organization’s health. However, they aren’t necessarily the best way to communicate performance to stakeholders. Ratios, on the other hand, grab information from your financial statements and can be presented as easy-to-process snapshots, an effective tool in the COVID-19–related economic crisis. Ratios help board members and other…