On April 10, the Nonprofit Center of Northeast Florida hosted our fourth weekly wrap-up call. Participants heard from national expert Michael Gellman, CPA. Our local sector experts included; Michael Howland, CEO and President of Jacksonville Speech and Hearing Center, Lori Richards, Executive Director, BEAM, and Loretta Prescott, Director of Development, JASMYN. View the full call recording and chat transcript here. View the slides here.
Michael discussed financial planning strategies in times of uncertainty and recommended strategies such as rolling budgets to assist nonprofits. He also offered a free resource for nonprofits to assess their financial health.
Take Action: Sign the FNA Letter to secure non-profit relief
Financial stability of our organizations is crucial to ensuring the health and stability of our region as a whole. In addition to supporting previous COVID-19 relief in the form of the CARES Act, The Nonprofit Center is supporting the Florida Nonprofit Alliance as they seek specific relief for nonprofits in any additional COVID-19 legislation. Any nonprofit organization that is interested may sign on to to the Florida Nonprofit Alliance letter to Florida lawmakers by clicking here.
Here are the specific provisions FNA is advocating for:
- Expand Access to Credit. Expanding nonprofits’ access to credit to provide for immediate financial relief by expanding nonprofit eligibility for the Paycheck Protection Program (PPP) and by establishing a dedicated funding stream for PPP loans to nonprofit organizations.
- Bolster Charitable Giving Incentives. Strengthening temporary above-the-line charitable deductions from the CARES Act by allowing taxpayers to use it on the 2019 taxes, significantly increasing the $300 cap, and extending it beyond 2020.
- Protect Self-Funded Nonprofits. Holding harmless self-insured nonprofits by providing funding to cover 100% of the costs of these organizations’ unemployment claims. Without this change, many nonprofits that provide health care, food assistance, affordable housing, childcare, and other critical services will have to end or curtail services later this year.
- Increase Emergency Funding. Increase emergency funding so that nonprofits can work with state and local governments to provide essential services to vulnerable families and frontline responders to the COVID-19 crisis.