Nonprofit accounting services are more important than ever in times of crisis. For your organization to thrive, you must stay up-to-date with developments like legal and financial assistance. These could help you through these challenging times. Here are a few ways that working with an experienced nonprofit consulting service can help.
During emergencies, many nonprofits face increasing demand for their services even while their usual sources of funding decline or disappear. While it is usually the larger nonprofits that have the resources and expertise, their achievements often produce reforms that benefit the entire philanthropic sector. Our professionals can help you monitor the latest events in this changing environment:
Federal Financial Assistance and Tax Changes
Some of the recent proposals already before Congress include $60 billion in emergency funding to assist nonprofit organizations nationwide. Other measures that have been discussed include making changes in the tax code that would be favorable to nonprofits and their donors as a way to increase charitable contributions. Similar measures are also likely to be underway at your individual state and local levels.
Loans During a Crisis
Some members of Congress have stated their support for providing nonprofits with access to federal small business loans. Consider such options along with other sources of loans such as your bank, individual, and organizational donors.
Endowments
If your nonprofit has an endowment, you may also want to seek outside guidance on the best ways to balance your short and long term financial needs. You and your board need adequate information and support to protect your assets.
Learn More About Using Nonprofit Accounting Services in Times of Crisis
Mainstream Nonprofit Solutions provides the highest quality administrative services to nonprofits and small businesses in Kansas, Nebraska, Oklahoma, Texas, and Washington. Contact us to learn more about our custom solutions for your accounting and other needs.