Impact of downgrading account?

Hi,

We are a nonprofit organization with a Zoom One Business account. When our account was set up years ago, we did not take advantage of the TechSoup 50% zoom nonprofit discount. We would like to apply the nonprofit discount to our account. 

I was told that we need to cancel our subscription and then resubscribe, applying the TechSoup discount to our new subscription.

I'm wondering what the consequences will be of temporarily downgrading (canceling) our current subscription. Will our cloud recordings be saved or deleted? what about recurring meetings that are already scheduled -- will those meetings stay or will those need to be rescheduled? Are there other impacts of downgrading and then resubscribing?