It’s hardly a secret that the COVID-19 pandemic had far-reaching impacts on associations in 2020. A global shift from the physical realm into the digital meant cancelled tradeshows and conferences, ticket refunds, cancellation fees, and more. This put extra financial strain and uncertainty on associations just as professionals in all industries were looking for networking, support, and connection more than ever before.
As vaccines are distributed and the professional world is finally looking towards a more balanced future, the light has begun to peek through the end of the tunnel. This means more opportunities for associations to provide value to members and boost their financial recovery, but there are still several considerations to make in collaboration with certified public accountants (CPAs) and advisors.
Like most organizations, associations were no strangers to financial uncertainty amid the pandemic. Lost meeting and convention registration fees created cashflow issues and left more than 65 percent of association leaders projecting a revenue loss of one quarter of their total budgets or more. On top of this financial loss, associations faced amplified cybersecurity and relationship management concerns as previously in-person events turned virtual.
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