Finance and Legal

By Utah Nonprofits Association

2/14/2024

The ERC - Are you leaving money on the table? December 2021: The CARES Act March 2020 rollout provided two main COVID relief options for nonprofits. One was the PPP Loan and the other, ERC Tax Credits (Employee Retention Credit)—which can be worth as much as $33,000 per employee. Join UNA and TaxPockets to learn more about securing this credit for your nonprofit.
Recent changes to the CARES Act mean that your nonprofit may now qualify for the ERC Credit—even if you received a PPP loan that has now been forgiven. Changes to the Act make qualifying for the credit easier—but the process for applying for the ERC Credit can be very, very complicated. Qualification can be based on either periods where government orders more than nominally restricted your business operations or periods where revenues declined when compared to 2019.
Some important pieces to note:
- This is not a loan, it is a refundable tax credit. There is no repayment.
- This credit is based on payroll and payroll tax.

How to Not Just Sustain, But Grow Your Nonprofit in the Post COVID-19 World (2021): In this session, we will explore how the COVID-19 has created an opportunity for nonprofits to re-tool and re-adjust to the new reality our world is facing. We will cover questions like: How do you reallocate staff to meet these new needs? How do we re-frame our funding model? What do say "no" to now, so that we can say "yes" to the emerging needs of our community? Rob Harter, Executive Director, Park City Christian Center

Nonprofit Budgeting During Uncertain Times (2021): COVID-19 has wreaked havoc on the budgeting process for nonprofit organizations throughout the world. This presentation will help you learn how to create and modify your organization budget during uncertain times, how often a budget should be revisited and revised, and how to effectively communicate such changes with your board of directors. Kyle Robbins, Audit Senior Manager, Larson & Company PC

Money and the Brain: The Why Behind the What with Finances (2021): Decisions regarding business or personal finances are enhanced when we understand the cognitive processes of emotional and rational decision-making. Learn how the brain works, biases and roadblocks that inhibit effective decision making, and how to keep financial alignment in your business or personal financial life. Robert Steed, Financial Education Manager, Mountain America Credit Union