Nonprofits in the Time of COVID-19
Wow! The world has certainly changed in the last month, week, and 48 hours.
As of today, the Dow Jones Industrial Average has fallen more than 8,300 points, throwing Wall Street into a bear-market and ending the longest bull market in history. I think I just heard on the news that this equates to a 25% loss.
Will this lead to a recession? What impact will this have on fundraising?
And the Coronavirus (COVID-19). Who could have predicted the massive impact this has had on the country, the world, and nonprofits? I heard a pundit this morning predicting that asking people to cancel “non-essential activities” may impact volunteerism as people stay away from any non-family or non-work group. The cascading impact could hurt nonprofits and your clients for months and years.
Add to this, the economic impact will have a disproportionate impact on low-income individuals.
What can your nonprofit do?
Stay informed. Some great resources exist about the virus itself and possible impacts on nonprofits and fundraising. Some that I recommend:
Centers for Disease Control for the most up to date facts about this pandemic and government response
Your local health department breaks it down to your community and immediate risk; in the Quad Cities, check the Rock Island and Scott County Health Departments
Check your local Chamber of Commerce; the Quad Cities Chamber has resources for businesses and nonprofits including how to manage employees and supply chain disruptions, many of which apply regardless of your location
For fundraising specific information, the Chronicle of Philanthropy has had great coverage the last few weeks. You can sign up for FREE newsletters and news alerts sent to your email even if you don’t subscribe; however, access to some full articles requires a subscription. The Chronicle has compiled this list of other resources
Your colleagues. Talk to other nonprofits to gauge their response and gather information to help you determine what works best for you
Once this crisis passes, you should prepare for the next unexpected event, because you know one will. Are you prepared? Do you have a crisis communication plan or disaster prevention plan? Is your organization poised to learn and react quickly?
What resources do you use to learn about these types of events and stay informed? Please share so we can learn from each other.
Stay safe … and wash your hands.
