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COVID-19 Updates: Loan Guides, Financial Tips, Strategy Planning, Lease Accounting

By Net Assets posted 03-31-2020 09:36 AM

  

(from Independent Sector and Armanino) Independent Sector and lobbyists Washington Council Ernst & Young have developed a resource to help nonprofits apply for relief funds made available through recent COVID-19 related legislation. The guide helps small and large nonprofits understand the eligibility criteria, timelines, and application information. Small organizations will find guidance on Small Business Association (SBA) loans, Emergency Economic Injury Disaster Loans (EEIDL), employee retention credits and deferral of payroll taxes. Armanino has created a small business interruptions loans checklist about eligibility and use. 

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(from Inside Higher Ed) An experienced administrator from Vanderbilt University shared lessons he learned from the 2008 financial crisis that can help educational institutions today. 

  • Keep a lot of cash on hand.
  • A plain vanilla debt portfolio is perfect.
  • Get rid of your derivatives/swaps.
  • Recognize that your outside financial partners are sometimes there with you until they aren’t.
  • Remember tried-and-true governance lessons.

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(from Fisher Phillips) Fisher Phillips has created a "Comprehensive COVID-19 Strategy Plan For Independent And Private Schools." The guide addresses differences between emergency paid sick leave and emergency FMLA, budgeting and payroll, tuition, distance learning, summer learning, and reopening campus among other concerns. 

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(from FEI) The coronavirus pandemic is upending the ability to collect and pay rents or other lease obligations, as well as hampering lease accounting and compliance with ASC 842. Without the right accounting tools to handle the various changes, companies may spend hours or days creating tedious workarounds to make adjustments for compliance requirements. FEI has information on handling rent concessions, discount rates, fair market value, impairment, full and partial termination and more. 

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(from Inside Higher Ed) A virtual commencement could mean a wider platform than ever. Consider these elements to make your school's ceremony shine: make it collaborative, go visual, divert events budgets into class(y) gifts, and encourage community participation.

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