COVID-19 Forces a Focus on Operating Costs

Troubling revenue losses COVID-19 hit nonprofits hard, fast and right where it hurts — revenues. Organizations of all kinds saw funding dry up as major events were canceled and donors held back in fear for their own financial stability. Based on surveys conducted from March through May 2020, for example, the Massachusetts Nonprofit Network found…

Board of Directors: Financial Literacy is Key

Your board is responsible for reviewing your nonprofit’s financial results so it can make sound decisions. But not every board member arrives at your organization with a financial background. Here are some suggestions for relaying some of the most vital information they need to know. Communicating the balance sheet A statement of financial position shows…

It’s Time to Really Pay Attention

The COVID-19 era makes board financial oversight more important than ever. The board of directors plays a special role in ensuring that an organization stays financially on track. This responsibility is magnified in the shadow of the COVID-19 crisis, which has often pushed donations and other revenue down while upping the need for services. Keeping…

Are You Covered? Potential Insurance Relief for COVID-19 Losses

The COVID-19 crisis and its economic fallout have many organizations hunting desperately for financial relief. While much has been made of the various governmental support programs, it’s also worth reviewing your insurance policy portfolio to determine if you qualify for coverage for some of your COVID-19-related losses and exposures. Below are some of the insurance…

Our Statement on Current Affairs

The entire staff at Sechler Morgan has been touched by the seemingly overwhelming events 2020 has given us. As individuals, there are some things about which we can do little and must passively accept. But there are other issues where we can do much and must aggressively confront. It is not new to us, hearing…

Secure a Corporate Sponsor

These best practices could bolster your chances Corporate giving has experienced solid growth in the last few years, according to recent editions of “Giving USA,” an annual report on philanthropy from the Lilly Family School of Philanthropy at Indiana University-Purdue. Even with the economic uncertainty associated with the novel coronavirus (COVID-19), many corporations will be…

The CARES Act: What’s in it for Nonprofits?

When Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in late March, much attention was paid to Economic Impact Payments for individuals and various types of assistance for businesses. But the 880-page law also contains some assistance that could prove critical to nonprofits as they struggle to deal with the financial impact…

Succession Planning: The Future is Now

When a senior leader leaves a nonprofit, it can affect every aspect of the organization. Whether the departure is planned, such as a retirement, or is unexpected due to a resignation, termination or death, you should have a plan to reduce disruption and ensure continuity. Succession planning is perhaps more important than ever in a…

Are You Holding a Raffle?

This ticket to revenue carries compliance concerns Raffles are tried-and-true fundraising vehicles. They can be attractive to your constituents, easy to put together and profitable. But organizations need to put on their “compliance hats” when holding this activity. Each state has its own set of laws regulating raffles. And all organizations must comply with federal…

Corporate Sponsorships: Tax-free Gift or Taxable Income?

Done right, corporate sponsorships can pay off for both the nonprofits that receive funding and the sponsors that receive valuable branding opportunities. Done wrong, though, your organization could end up on the hook for unrelated business income tax (UBIT). You need to understand how to navigate the nuances before you wade in. Identify qualified sponsorship…