Unemployment Insurance for Colorado Nonprofits: There is a safe, cost-effective alternative out there
What do high unemployment rates, increased taxes and negative State Trust Fund Balances mean to your nonprofit? All these statistics mean less money for your cause.
INCREASED TAX COST: 91%
From 2010 to 2012, the Colorado Department of Labor and Employment borrowed money from the Federal Unemployment Account in order to pay the excess unemployment claims the state trust fund could not cover. In order to replenish the trust fund, factors used in calculating unemployment rates were increased, therefore increasing the average unemployment tax cost per employee by 91% (from 2009 to 2014).
IMPROPER PAYMENT RATE OF 12.091%
The Colorado Department of Labor and Employment had a 12.091% average improper payment rate from 2011 to 2014. Over $67 million improper payments were made in 2014 alone.
First Nonprofit Group provides more than 1,700 nonprofits around the country with unemployment insurance at affordable rates. Below is a sample savings analysis of one member since 2010.
To find out how much money your organization can save, contact us for an unemployment cost savings evaluation. Evaluations are free, there is no obligation to join, and an estimate of your 2016 unemployment rate is included!
For a PDF version of this fact sheet, please click here.