The Foraker Group

Congress is moving quickly to draft a fourth economic stimulus bill that will expand on the CARES Act that was enacted in late March. We have been pleased that the original CARES Act included the nonprofit sector – a first in federal relief legislation. However, according to our partner the National Council of Nonprofits, many implementation challenges have arisen with federal agencies and private entities that undermine the intent of the law to provide economic relief for nonprofits. Negotiations on the new legislation are going on right now. While the Council is working the issue with congressional leaders in Washington D.C., Foraker has been talking with the Alaska delegation about including certain provisions to benefit nonprofits. Those include: Expanding access to credit by designating funding exclusively for nonprofits within the two principal… Read more »

The recently enacted CARES Act – a federal government response to the coronavirus pandemic – includes provisions that encourage cash donations to nonprofit organizations in 2020. Background Benefits to taxpayers who do not itemize their taxes As a result of the CARES Act, individuals who take the standard deduction (rather than itemizing) on their 2020 tax return can claim a brand new “above-the-line” deduction of up to $300 ($600 for a married couple) for cash donations to charitable 501(c)3 nonprofits. Donations to donor advised funds and certain organizations that support charities are not deductible. Normally, one must itemize on Schedule A to request a tax deduction for charitable donations. Benefits to taxpayers who itemize their taxes Those who do not take the standard deduction but choose to itemize on Schedule A of… Read more »

We are excited to announce that Northrim Bank is helping us help you! Now more than ever, it is important that our services are accessible and available to all nonprofits, regardless of their current financial situation. We will continue to provide you with the latest information, advocate on behalf of the sector, provide training opportunities that will help you navigate this crisis, and stand beside you as you adapt your programs and services. We are deeply grateful to Northrim Bank for their generous gift. Read more about our partnership here…. Read more »

Grant applications are being accepted for projects designed to improve rural Alaska health care systems, including emergency preparedness and pandemic response. The application period will close on April 24. Awards will be announced in early May. The program is supported by Premera Blue Cross Blue Shield of Alaska and is being administered by Rasmuson Foundation and The Alaska Community Foundation…. Read more »

We know many of you are facing financial uncertainty right now. Our finance team is available to help guide you if you need help scenario planning or walking through a loan application. We also are adapting our fundraising services to your needs. We can work together to help focus your energy and get your organization on better footing. We are offering immediate, short-term fund development consultations and mentoring to help your organization during the COVID-19 crisis. Our team of fundraising experts are ready to help you: Look at your donor data and help you prioritize the donors that you may want to reach out to now Develop ways to build a relationship with your donors, even if you don’t know them Maintain connections with your corporate donors and sponsors Re-imagine your events in this era of physical distancing Craft… Read more »

The Alaska Community Foundation has created the Alaska COVID-19 Response Fund — Rapid Response Grants that provide critical services to communities, families, and individuals throughout Alaska who are struggling with health and economic issues related to COVID-19 pandemic, and those that are essential for the quality of life in Alaska communities. The application deadline is April 10. For a list of other local funders who have created response funds, see our COVID-19 Response Resources page…. Read more »

Foraker is teaming up with The Alaska Small Business Development Center for a daily webinar briefing to ensure you are getting information you need about emerging federal relief programs. SBDC business advisors and Foraker staff will be available to answer your questions. The briefings will take place weekdays at 2:00 pm. Register once and attend as frequently as you need. Sessions will cover the SBA Paycheck Protection Program, SBA Economic Injury Disaster Loans, Emergency Bridge Loan/Economic Injury Disaster Advance Loan, and more. There is no fee to attend these webinars…. Read more »

Much will be written one day about this time in our lives. We are already starting to hear how this generation might be called the Covidials or the Coronials since the world as they know it (and we know it) will forever be altered. Social media is spreading expressions of hope that we don’t “go back” to whatever it was we thought was normal, because right here, right now, people are bringing the best of themselves to their communities. And through it all, our nonprofit community is figuring out how to navigate this new landscape in dramatically different ways – quickly shifting delivery methods, some temporarily closing to the public, and many choosing paths somewhere in between. I salute you. We are seeing acts of heroism from our healthcare workers… Read more »

Last night the Small Business Administration issued an interim final rule explaining details about the Paycheck Protection Program that starts today, Friday, April 3. The regulations address timely and recurring questions, which are highlighted below. Interest rate Contrary to earlier announcements from SBA, the interest rate for PPP loans has now been set at 1.0 percent, up from the 0.5 percent reported earlier this week. Application Borrowers must complete the SBA Form 2483 (Paycheck Protection Program Application Form) and provide payroll documentation. Alaska lenders We recommend that you work with your preferred financial institution. Currently, not all of them are set up to provide these loans, but they are working fast to make sure they can do that soon. You’ll find a list here of Alaska lenders that was current as… Read more »

Whew! This past week was the week where every day felt like six all rolled into one – where we adapted and created and shifted and laughed and, yes, even cried. I did all of those things with my family and my team. I bet you did, too. Every day since this crisis elevated itself and asked us to all be home to keep each other safe, I have watched our nonprofit leaders (board, staff and volunteers) step up in remarkable ways to advocate to government, to lead your teams, and to just figure out how to help people. WOW! We had nearly 100 people a day come to our COVID-19 Response webinars, all looking for the next step and to connect with others. We saw leaders join local government… Read more »