FREQUENTLY ASKED QUESTIONS - FINANCIAL IMPACT ASSESSMENT TOOLKIT

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Below are frequently asked questions regarding the COVID-19 Financial Impact Tracker (CO-FIT) and the COVID-19 Survey of Impact on Miami-Dade County's Cultural Community (CO-SIC).

Q: Where can I find the Financial Impact Assessment Tools: CO-FIT Tracker and CO-SIC Survey?
A: The Miami-Dade County Department of Cultural Affairs created a two-part tool kit in response to the Coronavirus (COVID-19) pandemic: the COVID-19 Financial Impact Tracker (CO-FIT) and the COVID-19 Survey of Impact on Miami-Dade County's Cultural Community (CO-SIC). The survey collects data on revenue losses, jobs affected and increased expenses attributable to COVID-19 on a monthly basis. The Financial Impact Assessment Tools can be accessed here.

Q: What is the purpose of the COVID-19 Financial Impact Tracker (CO-FIT)?
A: CO-FIT is meant to be an easy-to-use internal tool for Miami-Dade County nonprofit cultural organizations and facilities to gather financial data in preparation for a survey that will be issued by the Miami-Dade County Department of Cultural Affairs. The survey will be issued monthly, therefore, please complete CO-FIT for each month.

Q: How do I use the CO-FIT Impact Tracker?
A: CO-FIT is designed to be a flexible, useful tool for nonprofit cultural organizations of all sizes to record important financial information related to the increased cost or revenue losses due to business interruption as a result of COVID-19. Organizations should use their current FY 2019-2020 budget projections to determine revenue losses.

Q: Do I send this Tracker back to the Department of Cultural Affairs?
A: No, CO-FIT is an internal tool for your organization. The purpose of CO-FIT is to help organizations collect the financial data needed to complete a monthly survey issued by the Department of Cultural Affairs.

Q: How does the CO-FIT Tracker automatically calculate the financial impact of COVID-19 on my organization?
A: CO-FIT is a Microsoft Excel workbook that consists of six tabs: 1. Instructions; 2. Cultural Facility Closures; 3. Event Cancellations; 4. COVID-19 Related Expenses; 5. Job Losses; 6. SUMMARY. The SUMMARY page (Tab 6) auto-populates with the data from Tabs 2, 3, 4 and 5.

Q: Can I modify the CO-FIT Tracker for my organization’s information?
A: Each organization can customize CO-FIT as needed by adding additional rows. In order to maintain the formulas intact, extra rows should be inserted above the row that contains the totals. It is understood that CO-FIT may be incompatible with some computers (e.g., Mac) or older versions of MS Excel. The forms are “locked” but not “password protected.” Modifications can be made by unlocking the worksheet. The form can be unlocked: under “format” select “unprotect sheet.”

Q: The formulas in the CO-FIT Tracker are not working. How can I fix them?
A: It is understood that CO-FIT may be incompatible with some computers (e.g., Mac) or older versions of MS Excel. The CO-FIT Tracker is designed in MS Excel to be customizable for each organization. Therefore, the forms are “locked” but not “password protected.” Modifications can be made by unlocking the worksheet. The form can be unlocked: under “format” select “unprotect sheet.”

Q: Do I include all revenue loss and COVID-19 expenses to date in the May survey?
A: No, only include information from May 1-31, 2020 in the May survey. The monthly survey is collecting financial data for the requested month only. Please do not include cumulative information on the survey.

Q: My organization did not respond to the April survey. Should we include revenue loss and expenses for April in the May survey?
A: No, only include information from May 1-31, 2020 in the May survey. The monthly survey is collecting financial data for the requested month only. Please do not include cumulative information on the survey. However, it is suggested that your organization track cumulative data on your COVID-19 related revenue loss and increased expenses for your records.

Q: How should I report on the loss of subscriptions or ticket presale income?
A: Follow your organizations accounting procedures for deferred revenue (such as income from presales, subscriptions, etc.) and apply your process consistently for each monthly survey.

Q: How should my organization account for revenue loss due to memberships?
A: Organizations that to not manage a facility can modify the Tracker to include membership revenue loss on Tab 3 “Events Cancellations” even if the membership income is more annual operating than programmatic. Income from memberships would be recognized either in contributed revenue or earned income depending on the accounting procedures of the organization.

Q: My cultural facility rents out space. Do I include the income loss from cancelled rental events under “Cultural Facility Closures” or “Event Cancellations?”
A: Revenue loss should only be counted once. Revenue lost from facility rentals should be included in Tab 2 “Cultural Facility Closures” under “Earned Income Loss.” Income lost from your organization’s events and programs (e.g., projected ticket sales) should be included in Tab 3 “Event Cancellations.”

Q: Should my organization include revenue loss for cancelled/postponed tours and programs that were scheduled to occur outside of Miami-Dade County?
A: Yes, organizations should account for income loss for all programs and events, including tours and activities that were to occur outside of Miami-Dade County.

Q: What is the purpose of the COVID-19 Survey of Impact on Miami-Dade County's Cultural Community (CO-SIC)?
A: Information gathered through the Survey will help substantiate the urgent need for recovery resources for Miami-Dade based nonprofit cultural institutions and arts organizations. This survey collects data on revenue losses, jobs affected and increased expenses attributable to COVID-19 on a monthly basis. Your responses to the CO-SIC will be totaled to measure the collective financial impact of COVID-19 on Miami-Dade County based nonprofit cultural organizations.

Q: Will the CO-SIC Survey results be shared?
A: Yes. A monthly report documenting the cumulative data regarding the cultural impact of COVID-19 will be shared with other funders, partners and the field.

Q: My organization has cancelled multiple events and programs in the coming months. Do I include these cancelled events in this month’s survey or a future survey?
A: Income that would be recognized during any given month – in accordance with your accounting procedures – should be included in the revenue loss for that month. Revenue typically recognized in future months should be included in that month’s survey.

Q: My organization is not currently receiving a grant from the Department of Cultural Affairs. Can I still use the Tracker and complete the Survey?
A: Yes. Cultural groups and artist collectives who are not currently receiving grants through the Department are encouraged to use the Tracker and participate in the Survey.

Q: My organization is not incorporated and/or does not currently have 501(c)(3) status. Can I still use the Tracker and complete the Survey?
A: Yes. Non-incorporated cultural groups, arts organizations using a fiscal agent and artist collectives are encouraged to use the Tracker and participate in the Survey.

Q: Who can use the Financial Impact Assessment Tools: CO-FIT Tracker and CO-SIC Survey?
A: The Financial Impact Assessment Tools can be used by cultural institutions, arts venues, nonprofit organizations with an arts program, artist collectives, non-incorporated arts groups, institutions of higher education that present or produce cultural programming and units of local government that present or produce cultural programming. The Survey is best suited for non-commercial activity, however the Tracker can be modified and used by creative enterprises of all types and sizes.

Q: My organization has applied for COVID-19 relief support from other sources (for example, Payroll Protection Program funds, National Endowment for the Arts CARE Act grants, etc.). How do I report support that has been applied for, approved, and/or received?
A: The May CO-SIC survey includes questions regarding COVID-19 relief support for your organization that has been applied for, approved and/or received from public and private sources at the local, state and/or federal level. Please report all COVID-19 recovery opportunities including support applied for/received in March, April and May 2020.

ADDITIONAL QUESTIONS?  Contact your program administrator. A staff directory can be accessed here.

It is the policy of Miami-Dade County to comply with all of the requirements of the Americans with Disabilities Act.  To request these materials in accessible format, please contact Francine Andersen 305-375-4634 / culture@miamidade.gov, at least five days in advance to initiate your request. TTY users may also call 711 (Florida Relay Service).

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