Guiding not-for-profits through post-pandemic challenges /
Sarah Ovaska
- Durham, NC : AICPA & CIMA , 2024-
- Vol 238 (2) Pages 11-15 : illustrations ; 28 cm
The COVID-19 pandemic officially came to an end more than a year ago, yet its impact continues to reverberate through charities and other donor-dependent organizations. These entities face challenges stemming from shifts in labor market conditions, a tightening donor envi-ronment, and an increase in the need for support from those served by the organizations. "Many groups underwent significant changes in their mission and approach during the COVID-19 pandemic," said Pete Ugo, CPA, a Crowe LLP partner who oversees the delivery of audit services to higher education entities and not-for-profits. Ugo, who is also the chair of the AICPA's Not-for-Profit Expert Panel, frequently advises audit committees and not-for-profit boards to continually assess risks of all kinds. Having management monitor the top risks helps to ensure there will be response measures in place and to ensure the not-for-profit entity prioritizes mitigating its exposure to risky scenarios. "They should be continually maintaining a list of their main risks," he said. On most lists would be items such as employee retention strategies, internal embezzlement or vendor fraud, cybersecurity threats, changes in funding, increases in the need for direct services, and overall shifts in support from the public for the organization's mission.