Nationwide, and in Rockland County, nonprofits are struggling under the weight of the pandemic. Organizations of all stripes and sizes are flailing – they have had to cancel significant fundraisers or have been unable to plan them. They have lost ticket and event revenue. Those with government contracts are uncertain what will happen at the end of the fiscal year (June 30).
Most charities operate on thin margins. Nonprofits are subject to inflexible restrictions in most government contracts. Charities are penalized if they don’t keep costs down by rating firms that donors consult to decide if charities are run well.
Nonprofits may be facing tough choices, including dissolution or mergers.
Read our full discussion of this issue at https://rcbizjournal.com/2020/09/24/nonprofits-facing-tough-financial-decisions-due-to-pandemic-pummeling/
For more information about this article or other issues, please contact us, The Bachman Law Firm PLLC at email@example.com or 845-639-3210