Michigan Nonprofit Association

Lansing Office

330 Marshall St,
Suite 200
Lansing, MI 48912
517.492.2400

Payment Remittance

P.O. Box 771958
Detroit, MI 48277-1958
Toolkit

Session 6 : Planning for your Nonprofit’s Financial Health

The pandemic has created many hardships for nonprofits, especially financial and operational challenges. In this session speakers discussed current financial layouts and legal guidance that impacts a nonprofit’s financial success.

Session Overview

Financial Statements, Audits, Federal Grants

  • Financial statements are important because they provide a historical listing of the organization’s financial situation.
  • Know your revenue, where you are getting it and how it is being allocated. If you can build up reserves for emergencies (like a pandemic), do it.
  • Use benchmarking and assess the impact of certain services to see which will give the highest yield.
  • Make sure your program design is efficient in delivery (utilize technology, modify service level).
  • Consolidate where you can in shared services (specializations, financial, HR).
  • Collaborate with organizations with a similar mission for fundraising events and explore new areas of revenue.
  • Review new standards of revenue recognition with auditors, especially for gifts and grants.
  • Virtual audits are being conducted with the use of screen sharing and video calls.
  • Single audits are applicable to entities that expend $750K or more in federal funds.

 

TYPES OF FEDERAL AWARDS
Grants, cost reimbursement contracts, cooperative agreements, & direct appropriationsDonated property, including donated surplus property
Amounts passed through to subrecipientsFood commodities
Loans & loan guaranteesInterest subsidies
Program incomeInsurance

 

COVID-19 Grants Subject to Single Audits

Program titleCFDA
Coronavirus Emergency Supplemental Funding Program16.034
Coronavirus Relief Fund (CRF)21.019
Disaster Assistance Loans (EIDL)59.008
Educational Stabilization Fund84.425
Uninsured COVID Testing and Treatment93.461
Provider Relief Fund93.498*
Grants for New and Expanded Services under the Health Center Program93.527
Emergency Grants to address Mental and Substance use Disorders During COVID 19 Pandemic93.665
Rural Health Clinic Testing93.697

 

COVID-19 Grants Not Subject to Single Audits

Program titleCFDA
Coronavirus Food Assistance Program10.130
Coronavirus Relief – Pandemic Relief for Aviation Workers21.018
COVID-19 Telehealth Program32.006
OED Resource Partners Training Porta59.074
Economic Injury Disaster Loan Emergency Advance *59.072
Payroll Protection Program Loans59.073

Apparatus Cares Initiative

Detroit Means Business

Miller Canfield-Covid -19 Resource Center

Takeaways

  • Know the details of your financial situation and make sure board members are aware of it.
  • If you received grants, gifts or other federal aid, know they could be subject to single audits, depending on the amount. Keep all documentation.
  • Find different streams of revenue by checking services and programs the organization provides to the community. Measure their effectiveness and cost.

Explore More

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