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A P R I L 2 0 2 0
Webinar SeriesManaging Finances During COVID-19 Pandemic—Part I
Consultants Just For You, Inc.“Because Getting It Right is Everything”6108 Third AvenueBrooklyn, New York 11220
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WE BEGIN
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QQ&A
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to elaborate on surveys
Consultants Just For You, Inc.
OUR PRESENTER
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Ben Rodriguez is a seasoned executive with more than 25 years of senior leadership experience in operations, finance, development and strategic planning in the housing, youth, social services, health, and education sectors.
He has been an adjunct professor at Baruch College in New York teaching courses in Finance and Management.
Ben has also served on boards of various nonprofit and for-profit boards, including the Client Advisory Board of Merrill Lynch, the National Hispanic Housing Council, VIP Community Services Pension Plan, and Project Reach Youth, among others. With his deep experience in the housing sector, Ben has been a panelist at the NCSHA Housing Conference San Antonio, New Jersey Housing Conference, and Michigan Conference on Affordable Housing.
He received his Bachelor of Science in Corporate Finance from Fordham University and an MBA in Financial Management from Pace University.
Consultants Just For You, Inc.“Because Getting It Right is Everything”6108 Third AvenueBrooklyn, New York 11220
W E L C O M E
Managing Finances During COVID-19 Pandemic
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Managing Finances DuringCOVID-19Pandemic
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Consultants Just For You, Inc.
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Private Funding/Donors Fee IncomeGovernment funding
M a n a g i n g F i n a n c e s D u r i n g C O V I D - 1 9 P a n d e m i c
HOW HAS THE
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Nearly all sources of funding are under threat:
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Managing Finances During COVID-19 Pandemic
•Take a hard and deep look at your financial position
•Willingness to seek and share solutions across your whole organization
•Act Swiftly and Methodically
•Holding true to your mission will guide you towards thoughtful, compassionate, and effective decisions
Guidance During these time of COVID-19
Consultants Just For You, Inc.
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Managing Finances During COVID-19 Pandemic
• Preparing for the shortfall in revenue
• Where to start?
• Review key financial reports
• Recasting the budget
• Revising cash flows
Consultants Just For You, Inc.
Statement ofFinancial Position
Tracks Assets, Liabilities, and Net
Assets
Statement of Activities
Statement ofCash Flows
COVID-19 Pandemic
Tracks Revenues and Expenses
Tracks Sources and Uses of Cash
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Cash Inflows (Receipts) and Outflows (Disbursements)
Concept of accrual accounting
M a n a g i n g F i n a n c e s D u r i n g C O V I D - 1 9 P a n d e m i c
CASH
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CASHVS
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Managing Finances During COVID-19 Pandemic
• Understanding your cash position
• Liquidity- Cash is King!
• Other Key Items
• Accounts Receivable
• Accounts Payable
• Debt Service
Statement of Position (aka Balance Sheet)
Consultants Just For You, Inc.
Statement of Financial PositionMarch-20
As of As of As OfMarch 31st March 31st Variance Dec 31st Variance
2020 2019 $ % 2019 $ %Current Assets:Cash and cash equivalents 75,000 90,000 (15,000) -17% 89,675 (14,675) -16%Marketable securities 7,500 24,995 (17,495) -70% 25,745 (18,245) -71%Grants Receivable, net of allowance 2,000 1,200 800 67% 1,236 764 62%Contributions receivable 25,000 50,000 (25,000) -50% 51,500 (26,500) -51%Prepaid expenses 15,000 13,213 1,787 14% 13,610 1,390 10%Other assets 3,200 5,000 (1,800) -36% 5,150 (1,950) -38%
Total Current Assets 127,700 184,408 (56,708) -31% 186,916 (59,216) -32%
Fixed AssetsProperty and equipment 250,000 250,000 - 0% 250,000 - 0%Accumulated Depreciation (150,000) (30,000) (120,000) 400% (120,000) (30,000) 25%
Fixed Assets 100,000 220,000 (120,000) -55% 130,000 (30,000) -23%
Total Assets 227,700 404,408 (120,000) -30% 316,916 (30,000) -9%
Liabilities and net assets:Accounts payable and accrued expenses 105,000 85,000 20,000 24% 65,000 40,000 62%Credit Line 50,000 25,000 25,000 100% 5,000 45,000 900%Other Liability 25,000 30,000 (5,000) -17% 39,500 (14,500) -37%
Total Current Liabilities 180,000 140,000 40,000 29% 109,500 70,500 64% Unrestricted 47,700 264,408 (216,708) -82% 207,416 (159,716) -77%
Total Net Assets 47,700 264,408 (216,708) -454% 207,416 (159,716) -77%Total Liabilities and Net Assets 227,700 404,408 (176,708) -44% 316,916 (89,216) -28% 12
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Government Contract Advances
1. Have you asked for an advance on all government contracts?a) Yesb) No
Poll #1
Consultants Just For You, Inc.
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Managing Finances During COVID-19 Pandemic
• Is the organization showing a surplus?
• What is the balance of government vs. private sources?
• Which programs are contributing to the surplus? Which are not?
• What is the monthly expense run rate?
Statement of Activities (aka Profit & Loss)
Consultants Just For You, Inc.
2020 Budget
Jan-Dec 2020
Actual Budget Actual Budget Budget % AnnualRevenueContributions Special Event (gross) $0 $41,667 ($41,667) -100% $50,000 $125,000 ($75,000) -60% $500,000 10% Foundations $0 $12,500 ($12,500) -100% $35,000 $37,500 ($2,500) -7% $150,000 23% Appeals $5,000 $12,500 ($7,500) -60% $10,000 $37,500 ($27,500) -73% $150,000 7% Board $5,000 $4,167 $833 20% $5,000 $12,500 ($7,500) -60% $50,000 10%
Total Contributions $10,000 $70,833 ($60,833) -86% $100,000 $212,500 ($112,500) -53% $850,000 12%Government Local $52,500 $54,167 ($1,667) -3% $158,000 $162,500 ($4,500) -3% $650,000 24% State $0 $20,833 ($20,833) -100% $0 $62,500 ($62,500) -100% $250,000 0% Federal $8,333 $8,333 $0 0% $22,500 $25,000 ($2,500) -10% $100,000 23%
Total Government $60,833 $83,333 ($22,500) -27% $180,500 $250,000 ($69,500) -28% $1,000,000 18%Other Misc Income $100 $2,083 ($1,983) -95% $500 $6,250 ($5,750) -92% $25,000 2%
Total Other $100 $2,083 ($1,983) -95% $500 $6,250 ($5,750) -92% $25,000 2%
Total Revenue $70,933 $156,250 ($85,317) -55% $281,000 $468,750 ($187,750) -40% $1,875,000 15% Expenses Staffing Salaries $138,906 $109,375 ($29,531) -27% $400,000 $328,125 ($71,875) -22% $1,312,500 30%Payroll Taxes & Fringes $27,781 $21,875 ($5,906) -27% $81,000 $65,625 ($15,375) -23% $262,500 31%
Total Staffing $166,688 $131,250 ($35,438) -27% $481,000 $393,750 ($87,250) -22% $1,575,000 31% Operating Rental Expenses $5,000 $5,000 $0 0% $15,000 $15,000 $0 0% $60,000 25%Telephone/Internet $1,100 $1,000 ($100) -10% $4,000 $3,000 ($1,000) -33% $12,000 33%Office & Program Supplies $975 $2,083 $1,108 53% $7,000 $6,250 ($750) -12% $25,000 28%Office Equipment $0 $800 $800 100% $0 $2,400 $2,400 100% $9,600 0%Postage $550 $675 $125 19% $2,025 $2,025 $0 0% $8,100 25%Special Events $50,000 $40,000 ($10,000) -25% $60,000 $50,000 ($10,000) -20% $60,000 100%Travel/Entertainment $4,000 $2,500 ($1,500) -60% $10,500 $7,500 ($3,000) -40% $30,000 35%Professional Fees/Consultants $25,000 $6,000 ($19,000) -317% $35,000 $18,000 ($17,000) -94% $72,000 49%Printing & Copying $750 $400 ($350) -88% $1,200 $1,200 $0 0% $4,800 25%Insurance $900 $900 $0 0% $2,700 $2,700 $0 0% $10,800 25%Other $1,000 $300 ($700) -233% $1,500 $900 ($600) -67% $3,600 42%
Total Operating $89,275 $59,658 ($29,617) -50% $138,925 $108,975 ($29,950) -27% $295,900 47% Total Expenses $255,963 $190,908 ($65,054) -34% $619,925 $502,725 ($117,200) -23% $1,870,900 33%
Net Surplus/(Deficit) ($185,029) ($34,658) ($150,371) ($338,925) ($33,975) ($304,950) $4,100
Variance VarianceMar-20 YTD 2020 Budget
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2020 Budget 2020 Actual Expenses by ProgramJan-Dec 2020 Jan-Dec 2020
Program A Program B Program C Program D TotalRevenue Local State Federal OtherContributions Special Event (gross) $0 $0 $0 $50,000 $50,000 Foundations $0 $0 $0 $35,000 $35,000 Appeals $0 $0 $0 $10,000 $10,000 Board $0 $0 $0 $5,000 $5,000
Total Contributions $0 $0 $0 $100,000 $100,000Government Local $158,000 $0 $0 $0 $158,000 State $0 $0 $0 $0 $0 Federal $0 $0 $22,500 $0 $22,500
Total Government $158,000 $0 $22,500 $0 $180,500Other Misc Income $0 $0 $0 $500 $500
Total Other $0 $0 $0 $500 $500
Total Revenue $158,000 $0 $22,500 $100,500 $281,000 Expenses StaffingSalaries $118,500 $52,000 $20,000 $209,500 $400,000Payroll Taxes & Fringes $23,700 $10,400 $4,000 $42,900 $81,000
Total Staffing $142,200 $62,400 $24,000 $252,400 $481,000 OperatingRental Expenses $5,250 $1,950 $750 $7,050 $15,000Telephone/Internet $1,400 $520 $200 $1,880 $4,000Office & Program Supplies $2,802 $910 $350 $2,938 $7,000Office Equipment $0 $0 $0 $0 $0Postage $709 $263 $101 $952 $2,025Special Events $0 $0 $0 $60,000 $60,000Travel/Entertainment $250 $1,365 $525 $8,360 $10,500Professional Fees/Consultants $3,500 $1,500 $500 $29,500 $35,000Printing & Copying $420 $156 $60 $564 $1,200Insurance $945 $351 $135 $1,269 $2,700Other $525 $195 $75 $705 $1,500
Total Operating $15,800 $7,210 $2,696 $113,218 $138,925 Total Expenses $158,000 $69,610 $26,696 $365,618 $619,925
Net Surplus/(Deficit) $0 ($69,610) ($4,196) ($265,118) ($338,925)
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Profit and Loss Statements
1. Do you prepare Profit and Loss statements by programs/contracts?a) Yesb) No
Poll #2
Consultants Just For You, Inc.
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Managing Finances During COVID-19 Pandemic
• Is the organization bringing in more receipts than it is spending?• Timing! Timing! Timing!• What is the timing of receipts? Disbursements?
• How much "float" is being provided by the organization?
• Which programs are being carried by others?
• What are the sources and uses of cash?•How much cash is being spent monthly--"what is the monthly burn
rate"?
Statement of Cash Flows
Consultants Just For You, Inc.
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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TotalCash on Hand $89,675 $204,894 $113,778 $116,667 $216,925 $367,184 $405,443 $319,451 $209,960 $65,773 $6,181 $96,990
Projected Cash Receipts Special Event (gross) $0 $0 $25,000 $150,000 $200,000 $125,000 $0 $0 $0 $0 $0 $0 $500,000 Foundations $0 $0 $35,000 $0 $0 $0 $0 $0 $0 $0 $115,000 $0 $150,000 Appeals $25,000 $5,000 $0 $0 $0 $3,500 $3,500 $5,000 $5,904 $5,000 $60,000 $60,000 $172,904 Board $11,102 $5,000 $0 $50,000 $50,000 $0 $0 $0 $0 $0 $0 $0 $116,102 Local $216,667 $53,717 $72,222 $53,717 $53,717 $53,717 $53,717 $53,717 $53,717 $53,717 $53,717 $53,717 $826,059 State $41,667 $20,833 $20,833 $20,833 $20,833 $20,833 $20,833 $20,833 $20,833 $20,833 $20,833 $20,833 $270,833 Federal $5,625 $1,875 $1,875 $8,333 $8,333 $8,333 $8,333 $8,333 $8,333 $8,333 $8,333 $8,333 $84,375 Other Income $0 $0 $500 $500 $500 $500 $500 $500 $500 $0 $6,500 $15,000 $25,000 Credit Line Use $0 $0 $25,000 $0 $0 $0 $0 $0 $0 $25,000 $0 $0 $50,000
Total Cash from Operations $300,061 $86,425 $180,431 $283,384 $333,384 $211,884 $86,884 $88,384 $89,288 $112,884 $264,384 $157,884 $2,195,274
Total Cash Available for Operations $389,736 $291,319 $294,208 $400,050 $550,309 $579,068 $492,326 $407,835 $299,248 $178,656 $270,565 $254,874
Projected Cash DisbursementsSalaries & Benefits $155,200 $162,900 $162,900 $162,900 $162,900 $162,900 $162,900 $162,900 $162,900 $162,900 $162,900 $162,900 $1,947,100Rental Expenses $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $60,000Telephone/Internet $1,333 $1,333 $1,333 $1,000 $1,000 $1,500 $750 $750 $750 $750 $750 $750 $12,000Office & Program Supplies $2,333 $2,333 $2,333 $1,500 $1,500 $1,500 $1,500 $1,500 $5,000 $1,100 $2,200 $2,200 $25,000Office Equipment $0 $0 $0 $0 $0 $0 $0 $0 $9,600 $0 $0 $0 $9,600Postage $675 $675 $675 $675 $675 $675 $675 $675 $675 $675 $675 $675 $8,100Special Events $0 $0 $0 $0 $0 $0 $0 $25,000 $35,000 $0 $0 $0 $60,000Travel/Entertainment $3,500 $3,500 $3,500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $15,000Professional Fees/Consultants $15,000 $0 $0 $10,000 $10,000 $0 $0 $0 $12,500 $0 $0 $12,500 $60,000Printing & Copying $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $4,800Insurance $900 $900 $900 $900 $900 $900 $900 $900 $900 $900 $900 $900 $10,800Other $500 $500 $500 $250 $250 $250 $250 $250 $250 $250 $250 $100 $3,600Credit Line Payment $0 $0 $0 $0 $0 $0 $0 $25,000 $0 $0 $0 $25,000 $50,000
Total Cash Disbursements $184,842 $177,542 $177,542 $183,125 $183,125 $173,625 $172,875 $197,875 $233,475 $172,475 $173,575 $185,925 $2,216,000
Ending Cash $204,894 $113,778 $116,667 $216,925 $367,184 $405,443 $319,451 $209,960 $65,773 $6,181 $96,990 $68,949
Cash Flow Plan
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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TotalCash on Hand $89,675 $204,894 $113,778 $116,667 $16,925 ($82,816) ($169,557) ($255,549) ($365,040) ($509,227) ($568,819) ($478,010)
Projected Cash Receipts Special Event (gross) $0 $0 $25,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $25,000 Foundations $0 $0 $35,000 $0 $0 $0 $0 $0 $0 $0 $115,000 $0 $150,000 Appeals $25,000 $5,000 $0 $0 $0 $3,500 $3,500 $5,000 $5,904 $5,000 $60,000 $60,000 $172,904 Board $11,102 $5,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $16,102 Local $216,667 $53,717 $72,222 $53,717 $53,717 $53,717 $53,717 $53,717 $53,717 $53,717 $53,717 $53,717 $826,059 State $41,667 $20,833 $20,833 $20,833 $20,833 $20,833 $20,833 $20,833 $20,833 $20,833 $20,833 $20,833 $270,833 Federal $5,625 $1,875 $1,875 $8,333 $8,333 $8,333 $8,333 $8,333 $8,333 $8,333 $8,333 $8,333 $84,375 Other Income $0 $0 $500 $500 $500 $500 $500 $500 $500 $0 $6,500 $15,000 $25,000 Credit Line Use $0 $0 $25,000 $0 $0 $0 $0 $0 $0 $25,000 $0 $0 $50,000
Total Cash from Operations $300,061 $86,425 $180,431 $83,384 $83,384 $86,884 $86,884 $88,384 $89,288 $112,884 $264,384 $157,884 $1,620,274
Total Cash Available for Operations $389,736 $291,319 $294,208 $200,050 $100,309 $4,068 ($82,674) ($167,165) ($275,752) ($396,344) ($304,435) ($320,126)
Projected Cash DisbursementsSalaries & Benefits $155,200 $162,900 $162,900 $162,900 $162,900 $162,900 $162,900 $162,900 $162,900 $162,900 $162,900 $162,900 $1,947,100Rental Expenses $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $5,000 $60,000Telephone/Internet $1,333 $1,333 $1,333 $1,000 $1,000 $1,500 $750 $750 $750 $750 $750 $750 $12,000Office & Program Supplies $2,333 $2,333 $2,333 $1,500 $1,500 $1,500 $1,500 $1,500 $5,000 $1,100 $2,200 $2,200 $25,000Office Equipment $0 $0 $0 $0 $0 $0 $0 $0 $9,600 $0 $0 $0 $9,600Postage $675 $675 $675 $675 $675 $675 $675 $675 $675 $675 $675 $675 $8,100Special Events $0 $0 $0 $0 $0 $0 $0 $25,000 $35,000 $0 $0 $0 $60,000Travel/Entertainment $3,500 $3,500 $3,500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $15,000Professional Fees/Consultants $15,000 $0 $0 $10,000 $10,000 $0 $0 $0 $12,500 $0 $0 $12,500 $60,000Printing & Copying $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $4,800Insurance $900 $900 $900 $900 $900 $900 $900 $900 $900 $900 $900 $900 $10,800Other $500 $500 $500 $250 $250 $250 $250 $250 $250 $250 $250 $100 $3,600Credit Line Payment $0 $0 $0 $0 $0 $0 $0 $25,000 $0 $0 $0 $25,000 $50,000
Total Cash Disbursements $184,842 $177,542 $177,542 $183,125 $183,125 $173,625 $172,875 $197,875 $233,475 $172,475 $173,575 $185,925 $2,216,000
Ending Cash $204,894 $113,778 $116,667 $16,925 ($82,816) ($169,557) ($255,549) ($365,040) ($509,227) ($568,819) ($478,010) ($506,051)
Cash Flow Plan
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Cash Flow PlanActual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast Forecast
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec TotalStarting Cash $89,675 $204,894 $92,944 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000
Projected Cash Receipts Special Event (gross) $0 $0 $25,000 $25,000 Foundations $0 $0 $35,000 $35,000 Appeals $25,000 $5,000 $0 $30,000 Board $11,102 $5,000 $0 $16,102 Local $216,667 $53,717 $72,222 $342,606 State $41,667 $0 $0 $41,667 Federal $5,625 $1,875 $1,875 $9,375 Other Income $0 $0 $500 $500 Credit Line Use $25,000 $25,000Total Cash from Operations $300,061 $65,592 $159,597 $0 $0 $0 $0 $0 $0 $0 $0 $0 $525,250
Total Cash Available for Operations $389,736 $270,486 $252,542 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000
Projected Cash DisbursementsSalaries & Benefits $155,200 $162,900 $162,900 $481,000Rental Expenses $5,000 $5,000 $5,000 $15,000Telephone/Internet $1,333 $1,333 $1,333 $4,000Office & Program Supplies $2,333 $2,333 $2,333 $7,000Office Equipment $0 $0 $0 $0Postage $675 $675 $675 $2,025Special Events $0 $0 $0 $0Travel/Entertainment $3,500 $3,500 $3,500 $10,500Professional Fees/Consultants $15,000 $0 $0 $15,000Printing & Copying $400 $400 $400 $1,200Insurance $900 $900 $900 $2,700Other $500 $500 $500 $1,500Credit Line Payment $0 $0 $0 $0
Total Cash Disbursements $184,842 $177,542 $177,542 $0 $0 $0 $0 $0 $0 $0 $0 $0 $539,925
Ending Cash $204,894 $92,944 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000 $75,000
How do I plan out the rest of the year?
How do I plan out the rest of the year?
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Cash Flow Statement
1. Have you prepared a cash flow statement?a) Yesb) No
Poll #3
Consultants Just For You, Inc.
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Managing Finances During COVID-19 Pandemic
Consultants Just For You, Inc.
Year-to-date
ActualYear-to-date
Budget VarianceFull Year Budget Variance
Cash In:Contributions 106,102$ 212,500$ (106,398)$ 850,000$ (743,898)$ Government 393,648 250,000 143,648 1,000,000$ (606,352) Other 500 6,250 (5,750) 25,000$ (24,500)
Total Cash In 500,250$ 468,750$ 31,500$ 1,875,000$ (1,374,750)$ Cash Used:Salaries & Benefits 481,000$ 393,750$ (87,250)$ 1,575,000$ 1,094,000$ Other 58,925 50,000 (8,925) 295,900$ 236,975
Total Use of Cash 539,925$ 443,750$ (96,175)$ 1,870,900$ 1,330,975$
Net Change in Cash (39,675)$ 25,000$ (64,675)$ 4,100$ (43,775)$
Beginning Cash Balance 89,675$ 89,675$ -$ 89,675$ -$ Line of Credit 25,000 5,000 - (25,000)
Ending Cash Balance 75,000$ 119,675$ (44,675)$ 93,775$ (68,775)$ Monthly Run Rate 179,975 147,917 (32,058) 155,908
Sources and Uses of CashMarch 2020
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Managing Finances During COVID-19 Pandemic
Taking Action: The Budget
• Revisit Assumptions from original budget
• Revenues
• Expenses
• Recast the Budget
Consultants Just For You, Inc.
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Managing Finances During COVID-19 Pandemic
Taking Action: Impact on Cash Flows
• Revisit Assumptions from Cash Flow Plan
• Receipts
• Disbursements
• Revise the Cash Flow Plan
Consultants Just For You, Inc.
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Managing Finances During COVID-19 Pandemic
• Research new grant opportunities and their eligibility• Foundations, Recovery Funds, Wealthy Individuals, New Government sources
• Funders as thought partners• Ask Funders if they can release restrictions on their gifts• Ask Funders to relax some of their rules related to reimbursements• Ask Board Members to pay their gifts sooner• Update Web sites to ask for support• Leverage political supporters to push through items "stuck in bureaucratic
malaise" (i.e. contract registrations)• Federal Government Stimulus Package
• Paycheck Protection Plan Loan
Taking Action: Opportunities to Secure Help from Funders
Consultants Just For You, Inc.
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Managing Finances During COVID-19 Pandemic
• Description: Emergency loan program for nonprofits and for-profit entities to secure funds to pay staff and operating costs for two months, and secure full loan forgiveness under certain circumstances.
• Loan Processor: Local financial institutions
• Loan Maximum: 250% of average payroll for 2019.• Non-Profit eligibility: Must have been in operation on 2/15/2020 and had paid
employees and/or paid independent contractors. Expressly available for charitable nonprofits with 500 or fewer employees.
• Loan Use: Payroll costs, mortgage interest payments, rent, utilities, and interest on prior debt during the 8-week period following loan origination.
• Personal Guarantee: No collateral or personal guarantee required.
Taking Action: Applying for Paycheck Protection Plan
Consultants Just For You, Inc.
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Paycheck Protection Plan
1. Have you applied for paycheck protection plan loan?a) Yesb) No
2. Do you plan to apply?a) Yesb) No
Poll #4
Consultants Just For You, Inc.
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Managing Finances During COVID-19 Pandemic
•Consultants•Banks•Credit Cards•Landlords•Utilities•Copiers•Other Vendors
Taking Action: Opportunities to Renegotiate Terms or Seek Other Relief
Consultants Just For You, Inc.
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Managing Finances During COVID-19 Pandemic
• Freeze New Hires• Freeze increases in pay• Reduce Travel• Decrease use of non-critical consultants• Cut back on Conferences• Scale back on office/program supplies• Hiring Freeze including Not Filling Vacancies• Other areas
Scalpel First: Cuts that Avoid Harming Programs
Consultants Just For You, Inc.
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Managing Finances During COVID-19 Pandemic
•Universal Reduction in Hours•Reduction in benefits•Furloughs•Layoffs
If Bold Action is Needed: Difficult Choices to Make
Consultants Just For You, Inc.
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Managing Finances During COVID-19 Pandemic
“Being challenged in life is inevitable, being defeated is optional.”
- Roger Crawford
Consultants Just For You, Inc.
QQ&A
55 Exchange Place, Fifth FloorNew York, NY 10005Tel. (212) 233-8955
www.hispanicfederation.org
Consultants Just For You, Inc.“Because Getting It Right is Everything”6108 Third AvenueBrooklyn, New York 11220