dsmWealth May 7, 2020

Federal funding has helped provide breathing room for Playhouse staff to plan their new post-pandemic normal.

Nonprofits Stung by Pandemic's Economic Impact

BY STEVE DINNEN

The economic tumult visited upon the nation by the pandemic has landed heavily on the nonprofit world. Churches, social service agencies and arts organizations, rarely awash with cash even during flush times, are now largely cut off from important sources of revenues – collection plates, pledges and ticket sales.

Here’s a look at how three of them are adjusting to the time of the virus.

The Des Moines Community Playhouse had just begun a run of "Singin’ in the Rain" when the lights went dark due to the pandemic. Ticket sales make up 65% of its annual income. David Kirkpatrick, executive director at the Playhouse, says some federal Paycheck Protection Program money just came through, so the staff has been called back to work and "is having a chance to feel out the next normal."

Playhouse staff are thinking how they might have a scaled-down summer camp, but only for dozens rather than the usual 2,000 students. And they’re toying with whether to stage an off-season, summertime play. It would likely involve a small audience and a small cast to make social distancing easier.

Every May, 40,000 toy ducks splash around a pond at Jordan Creek Town Center, part of the Duck Derby fundraising effort that typically raises $200,000 for Youth Emergency Services & Shelter of Iowa. This year’s event was called off, as has anything else taking place beyond the physical location of the children's mental health wellness organization

"Our activities outside the shelter have all but stopped," says CEO Leisa Fox. YESS still offers residential services, but the young people who show up are often referred by schools, and since they are not in session an unknown number of situations haven’t come to their attention.

YESS likewise received federal PPP money, and Fox says corporate donors have been strong supporters. Across its 30-county footprint, YESS provides video mental health services, and as part of the coronavirus response, the government has upped reimbursement rates.

Community outreach work is commonplace at Trinity Las Americas United Methodist Church, but Pastor Alejandro Alfaro-Santiz says that’s difficult during the pandemic. Its Sunday services are held on Zoom, so plate offerings are now nil. Pledge income has dropped by double digits. Staff is still around – the church also received PPP money. And a community garden sponsored by the church in an adjoining lot is open for business.

Video Business Conferencing Is Here to Stay

BY STEVE DINNEN

Zoom is soon to rule the business world. As more and more people find themselves isolated at home due to the pandemic, they’ve turned to videoconferencing services such as Zoom, Skype and Cisco Webex to stay in touch with office mates, make sales pitches or hear weekly sales presentations.

Practically overnight, it has become ubiquitous. I can personally attest to that. On Tuesday alone I dialed up three Zoom meetings: for a magazine trade association roundtable, from Connecticut; for a statewide church panel I sit on, in Des Moines; and to hear financial planners in West Des Moines offer guidance on navigating the current economic upheaval. These meetings might not have taken place under a video format before COVID-19 barreled ashore, but all seem reasonable now.

Skype is free and is reported to be easy to use. It can accommodate 50 callers. The standard version of Zoom likewise is free, and goes up to 100 members, but it has been faulted for lax security procedures. We at Des Moines AM Rotary Club discovered that recently when a meeting we arranged with Rotarians in Uganda got hijacked by some foul-mouthed pranksters.

There are ways to thwart hackers. But there is no stopping videoconferencing, and long after this pandemic passes, we will incorporate it into our daily business lives.

5 Tips if You Consider a Career Move During the Pandemic
BY KAREN GILCRIST FOR CNBC

The shock of the coronavirus pandemic has made planning ahead difficult, particularly when it comes to major decisions like a career move.

That doesn’t mean you should put your aspirations on hold, however, according to London Business School professor and "Act Like a Leader, Think Like a Leader" author Herminia Ibarra. In fact, for those not immediately hit by job insecurity, it could mark the chance for a fresh start.

In the Harvard Business Review, Ibarra — who has studied career change for the past two decades, including during the 2008 Global Financial Crisis — outlines five key principles to keep you focused on your career goals, even during hard times. >> READ MORE

Wealthy Investors, Biz Owners See Deeper Pandemic Impact
FROM FINANCIAL ADVISOR MAGAZIINE

High-net-worth investors and business owners are holding out hope for the long-term future of the U.S. economy, but feelings about life in the short term are sinking, according to two surveys by UBS released last week.

The UBS Investor Watch Pulse surveys showed that many investors are looking for opportunities to buy and that business owners still hope to hire staff later this year if the economy stabilizes. The surveys, taken in late March, included 1,004 investors with at least $1 million in investable assets and 502 business owners with at least $250,000 in annual revenues and at least one employee other than themselves.

Long-term investor optimism on the economy remained high at 77% in late March, unchanged from early March and up from 66% in January.

However, COVID-19 is now investors’ top concern, with 70% highly worried, up from 50% in early March, the survey said. Concern about market volatility also has increased sharply to 59%, up from 46% in early March. >> READ MORE