By Kevin P. Foley, CPA, Matthew P. O’Dell, CPA and Michael J. Asaro, CPA
Nonprofit organization’s (“NPOs”) cash flow and operations have been impacted by the COVID-19 pandemic just like commercial businesses – and in some cases, even more severely. NPOs are making changes at a rapid pace to deal with this outbreak. Cash flows, budgets, layoffs/furloughs and working remotely are some of the decisions NPOs face while trying to navigate these unchartered waters. While there has been and will be difficult decisions to make, a NPO has to be mindful that it is also a business and there are things that can be done to mitigate cash flow and operating issues.
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