March 10, 2016
What do state unemployment taxes (SUTA), state unemployment reserve balances and claims overpayment rates mean to your nonprofit?
These factors could mean less money for your nonprofit organization’s cause.
In order to replenish the fund, factors used in calculating employer unemployment tax rates were increased, therefore increasing the average unemployment tax cost per employee from $115 in 2009 to $223 in 2015.
The Texas April 2014 – March 2015 unemployment claim overpayment rate was 10.835%, equaling over 230 million in overpayments.
Texas Workforce Commission owed more than $1.4 billion (Sept. 2010) to the federal government. This loan was used to pay the excess claims the State’s Trust Fund could not cover. The federal loan was paid back by securing a bond in the private market and an obligation assessment rate was added to employers’ 2011-2016 unemployment tax rates to pay the debt service on the bonds.
First Nonprofit Group provides more than 1,800 nonprofit organizations and governmental entities around the country with unemployment insurance at affordable rates. Click here or call 1-(800) 526-4352 to request a free, no-obligation cost savings evaluation. Evaluations include a 2017 rate projection!
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.