Latest news, alerts, and events.
Latest news, alerts, and events.
A note from Laurie: A new reality needs new words. Recently I was asked, “are you open?” A simple question but now with so many meanings and answers. In the midst of this pandemic, we have watched nonprofits close the doors on their physical space but stay open virtually. We have watched as some close their physical space without a clear path to anything virtual and we have watched missions shift space and double down on service delivery no longer hampered by their building infrastructure. For decades when consulting with organizations about their potential capital campaigns I have said to countless board and staff members “you are not building a building – you are expanding or deepening mission.” Indeed it is the mission that happens inside the building that matters,… Read more »
Talking about and even doing something about the very real challenges of diversity and equity in the nonprofit sector is not a new topic for us and for many others across the country. And yet, the challenges remain. When I became CEO five years ago, Foraker took an additional step to advance our work by making diversity and equity central tenants in our plans. While we have taken many steps, we are far from where we want to be and where our sector needs to be for lasting change. Still, we have endeavored to bring thoughtful leadership, compelling data, and a range of national experts on the topic to Alaska’s nonprofits to not only keep the conversation going but to incite true reflection and change. Admittedly we have struggled because… Read more »
The Paycheck Protection Program Flexibility Act, signed into law today, gives organizations more flexibility and time to spend PPP funds. Highlights from the Act include: An extension of the “covered period” for PPP loans from 8 weeks to 24 weeks. Note that the covered period cannot extend beyond Dec. 31, 2020. A reduction in the percentage of funds that must be spent on payroll. Specifically, the requirement to spend 75% of PPP funds on payroll reduced to 60%. To qualify for any forgiveness, borrowers must spend at least 60% on payroll costs. Extended loan terms for any unforgiven portions that need to be repaid from 2 years to 5 years, at 1% interest. An extension to December 31 for employers to restore employee and wage levels to pre-pandemic levels. A… Read more »
A Note from Laurie Wolf, President and CEO, The Foraker Group The weight of this time in history is beyond measure. And this past week it got impossibly heavier. The murder of George Floyd, piled on other visible racist action against Christian Cooper in Central Park, reminds all of us that injustice is a daily, if not hourly experience for too many people of color. Living through this pandemic, while also a shared experience, is not the same experience. Someone thoughtfully noted, “we are in the same ocean but not the same boat.” If you entered this phase in our lives and you are elderly and live communally, or you are in an abusive relationship, or you are hungry, or you feared for your child’s safety, or you lost your… Read more »
The application period for the AK CARES Grant Program is open on the Credit Union 1 website. Is your nonprofit eligible? If your organization is a 501(c)3 or 501(c)19, has 1-50 employees, did not receive federal relief funds (PPP, EIDL) then you are eligible to apply. We can help. If you need help preparing to apply, contact us…. Read more »
It’s hard to believe, but it’s been eight weeks since the Paycheck Protection Program began. If you would like the PPP funds to be a grant instead of a loan, it’s time to prepare to apply for PPP forgiveness. Please note Congress is currently debating possible extensions to the PPP program, but as of today, nothing is finalized. The highlights in this post are based on current PPP guidance. The PPP forgiveness application can be found here. The recently released PPP forgiveness guidance can be found here. Find a quiet moment to dive into these documents. They are lengthy but important and worth the read. Here are some highlights: The full amount of your PPP loan may be eligible for forgiveness if you meet the forgiveness conditions. Spend all of… Read more »
Foraker’s President/CEO Laurie Wolf was invited to testify at an Anchorage Assembly work session focused on the impact of COVID to Anchorage nonprofits. The following is her testimony: Thank you Chair Rivera and members of the Anchorage Assembly. I am here today as President and CEO of The Foraker Group, which serves as Alaska’s nonprofit association and the capacity building organization for nonprofits and tribes across the state. Before I jump into talking about the considerations that nonprofits need for relief I want to emphasize the critical role nonprofits play in Alaska. Importantly, nonprofits are a major economic driver for our state and our city. We deliver essential services, leverage public funds for maximum impact through public/private partnerships, invest in our communities, and ensure community well-being and quality of life…. Read more »
The State of Alaska is opening up applications for a $290 million small-business and nonprofit grant program. The Alaska Department of Commerce, Community, and Economic Development (DCCED) and the Alaska Industrial Development and Export Authority (AIDEA) are partnering with the lender Credit Union 1 (CU1) to support small business and nonprofits impacted by the COVID-19 pandemic, through the AK CARES Funding Program. The application to apply for AK CARES will be provided on the CU1 website. The application period is currently scheduled to begin on June 1, 2020, and funds will be awarded first-come, first-serve. We encourage you to prepare your documentation now (a list of items is provided in the FAQs here). More information can be found here and here. … Read more »
Foraker President/CEO Laurie Wolf called on the Senate Finance Committee to move critical CARES Act funds to Alaska’s nonprofits and small businesses as fast as possible. “We need it today so we can be here tomorrow,” she said. Read her full testimony here…. Read more »
This is not intended as financial or legal advice. Did you receive a PPP loan for less than $2 million? The SBA announced today: “Any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith.” You can learn more here. (question #46). What does that mean for you as a borrower? The SBA will accept the good faith certification on your PPP application certifying the loan was necessary. The SBA will not be asking you to submit additional documentation to demonstrate need. You will still need to meet the other guidelines of the PPP program. As of today, the SBA has not… Read more »