Financial Management

Jaime Campbell, Tier One Services, LLC and Mig Murphy Sistrom, Mig Murphy Sistrom, CPA, PC

We are both CPAs and accounting firm owners, committed to serving the nonprofit sector. We welcome this opportunity to share our observations and advice on how the pandemic has affected the accounting work of nonprofits. Since we are both committed to centering racial equity in our work, we have applied an equity lens to these topics.

Presenter Michele Pratt, CLA, shared in-depth details about PPP loan forgiveness, including eligible costs, required documentation, who is eligible to use the EZ application, clarity on limits for both the 8- and 24-week periods, PPP Flexibility Act and the safe harbor date, and the impact on year-end financial statements. She also explored financial modeling, with discussion of the impacts from COVID-19, cash management and cash modeling, contingency plan considerations, and scenario planning.

COVID-19 is not going away quickly. Some form of social distancing will likely be with us through at least year-end. How can your organization adapt to this new reality and not only survive but thrive in 2020, emerging stronger with more capacity to act on your mission and raise the revenue you need? This training is especially appropriate for executive teams.

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COVID-19 has upended all of our carefully constructed strategies and plans for 2020. As nonprofit leaders, the critical and unprecedented task before us is to ensure that we are continuing to fulfill our missions by:

In the middle of a crisis, returning to “normal” feels far off. And after a mega-disruption such as COVID-19 or a devastating hurricane, many organizations need to envision a ‘new normal,’ as things will not be the way they once were. This webinar offers practical tips for getting ready for your nonprofit’s new normal. Learn what you can do today to create a path to your organization’s future.

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Jeanne Tedrow, President & CEO, North Carolina Center for Nonprofits

Managing a nonprofit’s finances is no small or easy task. Nonprofits and those who seek to do good while making a difference in our communities are to be commended for their ability to manage resources and revenue. More often than not, nonprofits make a way when many would say there appears to be no way. To make things happen for the good, they become creative as they leverage financial support with in-kind donations and volunteer labor.

"It is always possible to donate retirement assets, including IRAs, 401(k)s and 403(b)s, by cashing them out, paying the income tax attributable to the distribution and then contributing the proceeds to charity. In many cases, though, there is little to no tax benefit associated with this type of donation. However, a direct contribution of retirement assets to charity as part of an estate planning strategy can be very tax efficient.

Updated: September 25, 2019

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