COVID-19 Mitigation Overview NSCF VIRTUAL BOD MEETING 9 MAY 2020 - - PowerPoint PPT Presentation

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Aug 10, 2023 153 likes •211 views

COVID-19 Mitigation Overview NSCF VIRTUAL BOD MEETING 9 MAY 2020 COVID-19 Mitigation Overview As of April 30 COVID-19 Mitigation Portfolio Current financial status (Corpus); $5.5M; -$.8M (12%) YTD Foundation Financial Solvency Froze all

SLIDE 1

COVID-19 Mitigation Overview

NSCF VIRTUAL BOD MEETING 9 MAY 2020

COVID-19 Mitigation Overview

SLIDE 2

COVID-19 Mitigation

Portfolio Current financial status (Corpus); $5.5M; -$.8M (12%) YTD Foundation Financial Solvency

Froze all discretionary spending
Recommended ($110,000) in adjustments to 2020 approved Budget
Cashflow Forecast Projection of $386,000, including $247,000 for

scholarships, beyond current DDA balance ($66,000 as of April 30)

Payroll Protection Program Loan for $17,500 approved by SBA and funded by

Synovus Bank on May 1st

IAC decision to liquidate $40,000 of Fixed Income to fulfill gap in Scholarship

Cash Requirements in Schwab Corpus Account COVID-19 Mitigation Overview As of April 30

SLIDE 3

Proposed Budget Adjustments

COVID-19 Mitigation Overview

PROGRAM EXPENSES

ADJUSTMENT REVISED BUDGET

Recognition Program Distinguished Alumni Program 3,500 3,500

Various Awards

500 500

Communications Program

The Oakleaf 20,000 12,477 7,523 Chapter Development Travel 1,000 1,000

NSCS Support

9,000 4,600 4,400 Chapter Support 5,000 4,067 933 Charitable Transfers Mechanicsburg (LEEK) 5,000 5,000

PAX River (ACS)

2,500 2,500

Heritage Legacy

Memorial Ship Displays 25,000 5,000 20,000 Travel 2,500 2,500

Transition Committee

500 500

OPERATING EXPENSES

ED Travel 12,000 6,308 5,692 Telephone 3,800 2,064 1,736 Board Meetings 20,000 20,000

Travel

2,500 2,500

Legal and accounting

6,000 6,000

Collaterals

15,000 10,000 5,000 TOTAL EXPENSES 685,500 575,487

SLIDE 4

COVID-19 Mitigation

Single year Scholarships awarded in 2020 vs. multi year scholarships due to uncertainty of financial liability....but no change to 2020 Scholarship budget ($247,000) Most Chapters are experiencing the inability to gather for social but more importantly, fundraising events Communications Team continues COVID-19 presence on web site and social media Manage Budget execution to achieve recommended budget adjustments and cost reductions ($110,000)

COVID-19 Mitigation Overview