Tips for Your Not-for-Profit During Coronavirus (COVID-19)

By Christopher Perrotta, CPA

While we are all doing our best to stay safe and work remotely, we wanted to remind you that we are always accessible to you through phone, video or email. Also, based on our experience, we compiled a list of actions to consider now to help ease the impact of the Coronavirus (COVID-19) and keep your organization running through this international crisis.

  • The U.S. Small Business Association is offering low interest loans to small businesses and organizations impacted by the Coronavirus (COVID-19). Visit their site for additional information.
  • Contact your grant administrators, there are emergency funds available for the programs and services that your organizations provide.
  • Utilize your lines of credit to pay expenses and continue operations
  • Don’t be afraid to use those rainy day funds….it’s raining
  • Review business interruption policy coverages. Contact insurance companies for additional coverage information
  • Constantly monitor cash and liquidity. Update cash flow projections on a weekly basis to analyze cash on hand.
  • If employees are working remotely ensure that utility usage on premises are at a minimum
  • Establish policies for working remotely, we have one that we can share.
  • Leverage technology to manage remote workforce. Use zoom, skype for virtual meetings, Microsoft teams from office 365. Ensure availability and accessibility to IT support given the large percentage of remote workforce.
  • Frequently, reassess or quantify the risk, develop/update action plans and be flexible. We are living in unprecedented times.

Please contact me on 973.298.8500 if you have any questions.

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