Last week, major news broke about the collapse of Silicon Valley Bank and the takeover by the FDIC. The failure of Silicon Valley Bank is particularly big news in the tech industry since the bank had been used by a large number of software companies. While the government stepped in quickly, we continue to see unease in the financial markets this week as people watch to see if a ripple effect impacts other banks.
So you may be asking, does this impact me and my nonprofit?
First, we want to assure you that Aplos did not have any direct exposure to Silicon Valley Bank. We are operating business as usual. We know how important it is to be your reliable partner in operating your nonprofit, so we put additional safeguards in place as an extra precaution. These actions were taken to ensure there will be no disruption to our normal business operations or systems as we watch for any larger impacts to the financial industry.
Secondly, our leadership team evaluated how this may impact our customers, and so far they are largely unaffected. With budgets that are tight, cash flow is always a particular concern for nonprofit leaders. We will continue to monitor, but we are very thankful to see that our nonprofit customers and their donors are not seeing disruption in their cash flow and funding. If you are uncertain about your organization’s specific financial position, I encourage you to reach out to your accountant or financial advisor.
While we would love to know exactly how the banking industry and financial markets will weather the next days and weeks, you can trust that we are watching things closely so we remain financially healthy and can help our customers be financially healthy as well. We are thankful that we are able to provide the software, support, and resources our nonprofit community needs so you are equipped to impact your communities.
Updated: Monday, March 13, 2023