Nonprofits and finances – in practice, these two words should fit together well for organizational flourishing, reflecting capable stewardship and stability. But all too often, financial aspects of nonprofit operations can prove intimidating, overlooked, or otherwise mismanaged. CPA Michael Batts of Batts Morrison Wales & Lee has recently published a stand-out resource, entitled Nonprofit Finance: The Field Guide for Financial Operations of Ministries, Schools, and Other Public Charities. This easy-to-digest book is chock full of worthwhile pointers, helpful instructions, and advice well worth following closely, all to help nonprofit leaders achieve optimal success and integrity in financial administration.
Shouting “Amen” at a computer screen may have seemed unusual 12 months ago, but COVID-19 has changed many ministry organizations’ approach to Sunday worship, Bible studies, and prayer gatherings. More broadly, nonprofits have been forced to significantly change their board governance, staff meetings, fundraising events, membership engagement, and other program activities. To continue carrying out such activities in the pandemic’s midst, organizations have had to move gatherings from in-person to online, using platforms like Zoom, Facebook Live, or YouTube. Likewise, many employees and volunteers now work and serve remotely as the new norm, with videoconferences substituting for in-person meetings and program activities.
What does the new Paycheck Protection Program (“PPP”) legislation hold in store? Last month, Congress passed the 2021 Consolidated Appropriations Act (“CAA” or “the Act”), and President signed it into law on December 27, 2020. The CAA contains important PPP changes that may affect current borrowers and provides additional relief for small businesses and nonprofits needing a “second draw,” but with a new income reduction requirement. Here’s the nuts and bolts.