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April Nonprofit News: Cash, Cyber Security, and National Volunteer Month

HAVE CONFIDENCE IN YOUR CASH

With inflation, bank closures and economic uncertainty, it is no wonder that many nonprofits are concerned about their balances.

The first step might be to take account of what you have, according to “How to be confident about your cash balances” by Kate Barr of Propel Nonprofits. The FDIC insures your bank balance of up to $250,000 in any one place, which is comforting for many nonprofits.

If your funds are invested in short-term investment accounts, it may be wise to read up on the fine print and find out how your investments may be affected by recent market fluctuations. Propel Nonprofits also states that you may want to have a discussion with your board’s finance committee and decide if you need to make changes in your nonprofit’s investment policy.

Another option is to consider the Employee Retention Credit (ERC) to be sure your nonprofit is not leaving money on the table. This tax credit expired in September 2021, but it may still be possible to retroactively receive ERC claims in 2023.

Claim ERC funds by:

– April 15, 2024 for Q2, Q3 or Q4 of 2020

– April 15, 2025 for Q1, Q2 or Q3 of 2021

Please note that this post does not constitute financial advice and the content is for informational purposes only.

WHAT WE’RE READING

How to be confident about your cash balances, Kate Barr – Propel Nonprofits

Infrastructure Law Sunsets Employee Retention Credit (ERC) Early – HW&Co.

Employee Retention Tax Credit – IRS

Ripple Effects From the Silicon Valley Bank and Signature Bank Failures — and How Nonprofits Can Avoid Them – Chronicle of Philanthropy

The Necessity Of Cybersecurity In The Nonprofit Sector – Forbes

Nonprofit Industry Outlook 2023 – HUB

Building Vibrant Volunteer Communities: Tobi Johnson’s Guide to DEI and Empowerment (with Tobi Johnson) – Joan Garry Consulting

State of Marketing for Nonprofits – Salesforce

 To view the full April Edition of BVU’s Nonprofit News, please click HERE.

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