August 20, 2014
On the heels of recent news that most areas of charitable giving are on the rise comes the finding that foundations are providing more grants to nonprofits. According to a study from the Council on Foundations, reported on by The Chronicle of Philanthropy, 56 percent of foundations increased their grant awards to charitable organizations in 2013. This is a significant increase over similar giving in 2012, when 47 percent of foundations had a rise in grants provided.
For any nonprofit group, getting a grant from a foundation is a big deal. Funds provided by a foundation grant usually come in a large block, as opposed to the many smaller donations gathered from individuals and businesses. Making the most out of a received grant means cutting down on unnecessary expenses and appropriately managing risks so that awarded funds can be directly applied to programs and vital operational budget components.
One area in which many nonprofits don't realize they can save money is how they fund their unemployment obligations. Instead of paying into the state unemployment tax (SUTA) fund, charitable groups can, instead, elect to become reimbursing employers. This approach allows for the compensation of jobless claims on a dollar-for-dollar basis, meaning nonprofits won't be liable for payment unless a claim is made – an impossible consequence when paying taxes into a SUTA fund. However, a spike in unemployment can put a serious strain on the reimbursing employer approach as well. First Nonprofit Group offers solutions that provide the best of both worlds, by covering a nonprofit's SUTA obligation with flexibility while increasing cost control by directly reimbursing for claims
For information on how your organization can cost-effectively meet its unemployment insurance needs, contact First Nonprofit Group at FNCUI@firstnonprofit.com or visit www.firstnonprofitgroup.com.
NYCON members who use First Nonprofit’s programs enjoy enduring savings and improved efficiency. Our association knows that success, because from the beginning, we achieved the same great benefits. Great savings, seamless technology, and responsive service. NYCON highly recommends First Nonprofit’s remarkable unemployment solutions.
We were introduced to First Nonprofit through another housing authority. In our analysis and comparison to what we were paying the State, our first year savings was $5,800 plus. We have been with them since the end of 2008 and I am glad we have been. I consider them an arm of our HR department.
Because INCS advocates for the operating conditions that allow charter public schools to provide high quality public education, partnering with First Nonprofit was an easy decision. First Nonprofit’s unemployment programs provide our member schools two operating elements crucial to their ability to provide high quality public education: savings and budget certainty. Capable, committed teachers are the key to student success. By participating in the unemployment insurance savings plan, charter public schools gain peace of mind and are able to invest more money in their teachers.
Throughout our membership in the Unemployment Savings Program, First Nonprofit understood our demands, community dynamics, and the importance of seamless services; that allowed us to serve our constituents better.