Agenda - Council - 09/13/2022 - Laserfiche WebLink

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unobligated after December 31, 2024 must be returned to Treasury. See section Treatment of Loans for more information about using SLFRF funds for loan programs. C. ASSISTANCE TO NONPROFITS Background: Nonprofits have faced significant challenges because of the pandemic, including increased demand for services and changing operational needs.221 Prior to the pandemic, the median U.S. nonprofit reported that it had six months of cash on hand.222 This varied by sector, however, with some sectors like disaster relief organizations reporting a median of 17 months cash on hand, and others, like mental health and crisis intervention organizations reporting only three months.223 Evidence suggests that the pandemic has damaged the financial health of nonprofits, with small nonprofits, which tend to rely more heavily on donations than large nonprofits, reporting relatively larger declines in donations 42 percent versus 29 percent, respectively.224 Among nonprofits that collect fees for services, the median revenue amount collected from such fees fell by 30 percent from 2019 to 2020, with arts organization experiencing a 50 percent decline.225 Nonprofits also experienced significant job losses. While employment in the nonprofit sector has recovered from its low point in 2020, as of November 221 See, e.g., Federal Reserve Bank of San Francisco, Impacts of COVID-19 on Nonprofits in the Western United States (May 2020), https://www.frbsf.org/community-development/files/impact-of-covid. 222 Philanthropy and COVID-19: Measuring one year of giving, Candid and the Center for Disaster Philanthropy. (2021), https://www.issuelab.org/resources/38039/38039.pdf. 223 Id. 224 Elizabeth T. Boris et al., Nonprofit Trends and Impacts 2021, Urban Institute (October 7, 2021), https ://www.urban. org/research/publication/nonprofit-trends-and-impacts-2021 /view/full_report. 225 Id. 153