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 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
Proposed Budget Adjustments ADJUSTMENT REVISED BUDGET PROGRAM EXPENSES 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 COVID-19 Mitigation Overview
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 con tinues 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
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