Recording: Cash Management and Cash Modeling for Nonprofits
The widespread economic disruption and uncertain timeframe of the COVID-19 outbreak are forcing nonprofits to face tough financial questions. For some nonprofits, their business models are already in disarray due to program closures and decreased funding. For others, the rapid pace of change and the immensity of the pandemic are causing great uncertainty, even though no obvious financial consequences have manifested yet.
Planning a path through the pandemic
Choosing how best to respond starts with an unflinching look at your current fiscal state. One simple device for assessing your financial situation is a cash flow spreadsheet, good for determining what resources your organization has on hand and how long those resources will last. However, your long-term success requires looking beyond the current crisis, setting goals for where you land on the other side. To assist you in making these future-focused strategic decisions, a more sophisticated tool like CLA Intuition 2.0 can provide real-time scenario planning.
In this recorded webinar, my colleague, Heidi Grinde, and I discuss both the process for creating a simple cash flow projection and the benefits of plotting your financial trajectory using the Intuition modeling tool. After watching the presentation, please reach out to any of us here at CLA for help navigating your response to COVID-19 related challenges. Here are some helpful links to assist you:
Recording: Cash Management and Cash Modeling for Nonprofits
CLA Intuition 2.0 financial modeling tool
CLA Tax, Economic and Workforce Support page
CLA Responding to COVID-19 Resource page
Article: “Financial Leadership in the Face of Impossible Choices.”
Video: “Community Resilience and Racial Equity – Nonprofits Responding to COVID-19.”
Blog: Innovation in Nonprofit Finance
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Curtis Klotz is a CPA serving as director of nonprofit innovation at CLA. His writing is inspired by his work in CLA’s nonprofit consulting and business operations practice and more than 30 years of industry experience. Before joining CLA, Curtis was vice president of finance and CFO at Propel Nonprofits, where he was a frequent online contributor to Nonprofit Quarterly and other blogs. He was named Minneapolis/St. Paul Business Journal’s Nonprofit CFO of the Year in 2017, and is past chairperson of the Montana Nonprofit Association. Curtis graduated summa cum laude from St. Olaf College with majors in women’s studies and religion.
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