Negative Economic Impact on Organization. The following question is the keystone of a strong application in this process. If your organization cannot demonstrate a negative economic impact from the pandemic, your application will not qualify for committee review. If you are uncertain about what constitutes negative economic impact or how to demonstrate it, please contact PCF staff for technical assistance. Xxxxx Xxxxx Saving Our Seniors Describe your organization’s negative economic impact arising from the COVID-19 pandemic. Examples could include: • Inflationary pressures • A reduction in revenue since the onset of the pandemic • An increase in pandemic-related revenue that is restricted, or otherwise does not permit the purchase of capital assets • The use of reserves for pandemic-related unbudgeted expenses • Allocation of resources to meet a pandemic-related increase in demand for services, which results in a lack of resources to purchase capital assets • A need for additional capital assets to adapt operations to accommodate health and safety guidelines by the CDC You have the option to upload supporting documentation regarding negative economic impact. However, please limit your upload to no more than five pages. The setbacks SOS faces as a result of the pandemic include increased demand for our services that stems directly from the pandemic, reductions in the service capacity of senior-support organizations across the board, and increased costs that have forced us to deplete our cash reserves. Demand for our services has escalated, with more new clients requesting food, medical supplies, and related support from SOS than ever before. Moreover, many of our long-term clients are experiencing added financial strain stemming from the pandemic, and thus require additional support. But while need amongst seniors continues to surge, some of the organizations that previously would have helped them have shut down during the pandemic, while others have suffered diminished service capacity. We are struggling to absorb the resulting overflow, receiving 700 referrals from other organizations in 2022, a 64% increase from before the pandemic. As the network of senior-support services becomes increasingly strained, fewer resources are available to both chronically low-income seniors, as well as those experiencing novel financial difficulties from the pandemic. It is our goal for the coming year to expand our service capacity to help fill the growing gap between seniors’ needs and the senior-support network...
Negative Economic Impact on Organization. The following question is the keystone of a strong application in this process. If your organization cannot demonstrate a negative economic impact from the pandemic, your application will not qualify for committee review. If you are uncertain about what constitutes negative economic impact or how to demonstrate it, please contact PCF staff for technical assistance. Describe your organization’s negative economic impact arising from the COVID-19 pandemic. Examples could include: • Inflationary pressures • A reduction in revenue since the onset of the pandemic • An increase in pandemic-related revenue that is restricted, or otherwise does not permit the purchase of capital assets • The use of reserves for pandemic-related unbudgeted expenses • Allocation of resources to meet a pandemic-related increase in demand for services, which results in a lack of resources to purchase capital assets • A need for additional capital assets to adapt operations to accommodate health and safety guidelines by the CDC You have the option to upload supporting documentation regarding negative economic impact. However, please limit your upload to no more than five pages. The Foundation's sustainability plan is intentionally designed to minimize the rent amounts of its low-income tenants while meeting its operating expenses. As close to zero cash flow means residents are paying the lowest rents in order for CSF to remain solvent. As a result the average rent for CSF properties is 40% below market rates. Fundraising activities and annual community events that build donor relations were cancelled in 2020; this included the community dinner, holiday celebration and charity golf classic. Generating rent revenue to offset inflationary costs resulting from COVID-19 such as increased construction materials and insurance rates would require a dramatic increase in rent for tenants. CSF means being one of Pinellas County's permanent affordable housing option. The cost of construction materials normally increases annually due to inflation (an issue that contractors faced even prior to the pandemic). However, the inflation that accompanied the pandemic has been significantly different and has largely impacted construction costs. The U.S. construction industry is heavily dependent on foreign construction materials. Because COVID-19 is a global pandemic, it caused closures and delays at international factories that produce these materials. As a result, the supply of construction materials drama...
