Limited staff and financial resources during the novel coronavirus (COVID-19) pandemic may have your not-for-profit looking for new ways to achieve your mission. Have you considered partnerships?

a blackboard with white letters spelling "world vs. corona; 1:0; #WeWillWin," image used for a blog post about not-for-profits partnering up during COVID-19 pandemic

Partnerships with a like-minded organization potentially enables you to pool funds, staff and supporters — temporarily or permanently.

Continue Reading Setting Up Not-for-Profit Partnerships During COVID-19

You can only deduct losses from an S corporation, partnership or LLC if you “materially participate” in the business. If you don’t, your losses are generally “passive” and can only be used to offset income from other passive activities. Any excess passive loss is suspended and must be carried forward to future years.

Material participation