COVID-19 and Inn Finances
At the end of the 2019-2020 Inn year, most, if not all, Inns had to cancel their final 2-3 face-to-face Inn meetings. While many Inns moved those meetings to a virtual space, the lack of catering expenses meant that many Inns realized a budget surplus for the year. Some Inns have used that surplus to donate food and supplies to local first-responders. Others are holding that surplus to build a reserve for the Inn’s future or are planning to use it to subsidize members in the 2020-2021 Inn year who are temporarily unemployed due to the pandemic.
Moving forward to the 2020-2021 Inn year, Inns will need to be thinking about how to manage their finances, and specifically their dues assessments. In this regard, Inns should consider some scenario planning: