Welcome to the Spring/Summer edition of the GJC Advisor, Nonprofit Organizations and Foundations Update.
As we all continue to deal with the impact of the novel coronavirus COVID-19 and this rapidly-changing situation, there continue to be new developments. Rest assured that GJC will continue to keep you updated with how these developments may impact you and your business, whether accounting and reporting related, or otherwise.
Recent content we have shared related to this pandemic include the following:
- GJC’s Response to COVID-19 – Office Update
- Coronavirus Strikes Nonprofits
- CARES Act and Employee Benefit Plans
- COVID-19 Federal Aid Package
We hope you enjoy this edition of the GJC Advisor. As always, if you have any questions, feel free to contact us.
Stay healthy, stay positive!
GJC
COVID-19: How Nonprofits Are Adapting to Change
On April 14, BDO USA hosted a webinar titled, COVID-19: How Nonprofits Are Adapting to Change. The webinar presentation slides in the link below informs about the latest update on the CARES Act affecting nonprofit organizations and strategies for sustainability.
How does the CARES Act Help Nonprofits and Higher Education Institutions?
Nonprofit organizations and higher education institutions have been hard at work trying to help the world navigate the novel coronavirus (COVID-19) pandemic. While trying to maintain focus on their missions, these organizations and institutions face massive uncertainty in the face of COVID-19, including financial turmoil, layoffs, remote work, quarantines, shelter-in-place orders and other measures.
IRS Expands COVID-19 Postponement Relief Under Notice 2020-23
On April 9, 2020, the IRS issued Notice 2020-23, which contains expanded relief for those tax forms and other filings that are postponed as was originally announced last month. See the IRS Coronavirus website for more details.
First, the payments and returns eligible for relief are expanded. Any tax return or payment due on or after April 1, 2020, and before July 15, 2020, is now automatically postponed to July 15, 2020-no extension forms, letters, or other forms of documentation or communication are required to make use of this relief. This will now cover, for example, calendar-year 2020 second quarter estimated tax payments, among other things.
7 Steps for Nonprofits to Manage a Crisis
As of April 1st, confirmed cases of the novel coronavirus (COVID-19) are climbing to one million worldwide. In addition to the damage the virus has caused to human lives, the resources needed to fight the pandemic have proven scarce, leaving governments and private agencies looking for relief.
Here are seven best practices nonprofits should keep in mind when facing a crisis:
1. Organize and prepare a crisis management team. In the nonprofit space, having a crisis management team that represents your mission and programming is important. Crisis management usually isn’t a part of the core competency of a nonprofit organization – and the situation we’re in now has highlighted the need for this to change. In vulnerable times of crisis, a team with expertise tailored to fit the needs of the situation can prove just as valuable as a strong team leader and executive who facilitates crisis response.
OMB Guidance Provides Relief to Federal Award Recipients Amid COVID-19
Nonprofits and higher education institutions continue to be on the front lines of the novel coronavirus (COVID-19) pandemic. As organizations wrangle with ensuring the welfare of their own people and enabling the “new normal” of remote work, they are also contending with how to continue their mission-all while navigating funding uncertainty.
During recent weeks, we’ve seen organizations lean into their missions, particularly when they are helping those most affected by the pandemic. While many nonprofits are adapting to the crisis and beginning to plan for the future, many questions remain as this situation continues to evolve.
How to Determine if An Employer Has “Fewer Than 500 Employees” For COVID-19 Federal Paid Sick and Family Leave Mandates
The Families First Coronavirus Response Act (H.R. 6201) became law on March 18, 2020. Among other things, the Act requires employers with “fewer than 500 employees” to provide two new benefits: (1) federal emergency paid sick leave and (2) federal emergency paid family and medical leave (FMLA). As a result, employers need to know immediately how to determine if they have “fewer than 500 employees.”
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