Nonprofit Tracking of the Financial Impact of COVID-19

Tracking the Financial Impact of COVID blog graphic

We all know that measuring impact has become an essential requirement for effective management of your nonprofit organization. As we better understand the differences between outcomes and impacts over the short and long term we can tell a more compelling story, make a stronger case for donors and funders and assure board and those engaged in strategic planning that we are using evidence to inform decisions.

In the times of COVID-19 in addition to assessing the impact of our programs and services it also makes sense to assess the impact that COVID-19 has also had on our financial and service outcomes. With lost revenues from sales of goods and services for social enterprises, lost revenue from sales of tickets for cultural organizations, lost membership fees as people cannot afford to renew, loss of program funding and bit hits to fundraising due to cancelled events and loss of contact with donors we will want to track these impacts.

We have found a few resources to help you think about how to do this tracking and want to share them with you.

Evaluating COVID-19 Impact – Approaches to Quantifying Losses
http://www.arca.art/en/files/Evaluating-COVID-Impact-Approaches-to-Quantifying-Losses.pdf

Evaluating COVID-19 Impact – Effective Bookkeeping Practices
http://www.arca.art/en/files/Evaluating-COVID-Impact-Effective-Bookkeeping-Practices.pdf