How Organizations Can Cope With the Financial Fallout of COVID-19
Countless associations are wondering how to stay afloat financially
Associations reeling from the economic impact of the coronavirus—from cancelled events to new sick and family medical leave requirements—are wondering what they can do to make sure their doors stay open. I spoke to two experts who offered some options.
Andrea Wilson, partner at BDO, an international accounting and tax advisory firm, said associations should look at their finances realistically and assess where they are and where they’re headed if the current trajectory holds.
“You have to ask the questions: What happens if we lose 20 percent of our funding, 30 percent, 40 percent?” Wilson said. “That way you can predict the impact on people. You know at what point we have to furlough, and you have identified in advance points when you have to act.”
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