New Mexico nonprofits! Did you know your unemployment tax cost has increased by 101% since 2009!

August 24, 2016

New Mexico nonprofits! Did you know your unemployment tax cost has increased by 101% since 2009!

New Mexico

What do state unemployment taxes (SUTA), increased wage bases, and claim overpayment rates mean to your nonprofit? These factors could mean less money for your nonprofit organization’s cause.

101% 2009-2015 Increased Tax Cost

Factors used in calculating employer unemployment rates have increased; therefore doubling the average unemployment tax cost per employee from $232 in 2009 to $466 by 2015.

$56 Million Claim Unemployment Claim Overpayments

New Mexico’s April 2014 – March 2015 unemployment claim overpayment rate was 31.478% (the highest in the nation), equaling over $56 million.

$24,100 2016 Wage Base

New Mexico’s unemployment wage base increased from $23,400 in 2015 to $24,100 in 2016; therefore increasing the wages on which employers pay SUTA on.

There are options financing your nonprofit organization’s unemployment costs

First Nonprofit Group provides state compliant, individually insured, cost-saving options to satisfy SUTA requirements for nonprofit , governmental and tribal entities. Below is a sample savings analysis of one of our members since 2011.

NM graph

We provide more than 1,800 organizations around the country with unemployment insurance at affordable rates. Click here or call 1-(800) 526-4352 to request a free, no-obligation cost saving evaluation. Evaluations include a 2017 rate projection!

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Testimonials

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.

New York Council of Nonprofits, Albany, NY

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.

Kankakee County Housing Authority, Kankakee, IL

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.

Illinois Network of Charter Schools

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.

Hugh Parry, Retired President of Prevent Blindness America