The CARES Act: Impacts on Endowments & Foundations
We have spent a great deal of time in recent weeks connecting with our clients and friends who oversee endowments and foundations, listening to their concerns and offering counsel as we all navigate this pandemic and its impact on our communities. Many of our clients feel an understandable tension, as the financial stress impacting their portfolios is occurring at the same moment when the needs of their constituencies are most urgent.
Despite the challenges we are all facing, we are inspired by the work that our nonprofit clients are doing and seek to be a partner, resource and friend during this period, offering relevant information and perspectives when possible that can aid our clients in pursuing their missions.
The recent passage of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) is poised to impact nonprofit organizations through a variety of new tax provisions and government programs. We hope this summary of the CARES Act’s key provisions is helpful, and that it can serve as a starting point for conversations about how we can help our nonprofit clients to move forward.
Source: Brown Advisory