The clock is ticking. Tens of billions of dollars are still available for charitable nonprofits, but only if state and local governments commit to spending those funds on nonprofits (as opposed to elsewhere) by the end of 2024. Otherwise, the federal government may claw back uncommitted funds. The networks of the National Council of Nonprofits are hosting a special, nationwide webinar to make sure charitable nonprofits know they are eligible for these resources and know how to access them before it’s too late.
Joining us will be Treasury Deputy Secretary Wally Adeyemo to kick off the discussion of how nonprofits can access remaining Coronavirus State and Local Fiscal Recovery Funds made possible through the American Rescue Plan Act. He and other speakers will address the availability of these funds, priorities that deserve special attention, and examples of what works. The one-hour event will be held on Tuesday, January 30 at 3:00 pm Eastern.
By the end of 2024, every state, local government, territory, and Tribal government must report to the Treasury Department how it will be spending every dollar of its allocation of the $350 billion in Coronavirus State and Local Fiscal Recovery Funds. Failure to obligate the funds in time will result in a return to the federal government. Treasury Department rules and Quick Reference Guide make abundantly clear that governments will satisfy their duty to obligate the funds by entering into a contract or subaward agreement with charitable nonprofits by the December 31, 2024 deadline. The money can be spent anytime between now and the end of 2026.
The law mandates charitable nonprofit eligibility but doesn’t make nonprofits entitled to a share a of the funds. This webinar is devoted to ensuring charitable nonprofits have every advantage in securing investments of these funds.
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