Unemployment Savings Program Highlights

March 29, 2016

Unemployment Savings Program Highlights

First Nonprofit Unemployment Savings Program enables its nonprofit members to effectively manage their own unemployment claims, eliminating their subsidy of other industries.

– Each member has its own proprietary reserve account from which First Nonprofit Group reimburses the state on the member’s behalf for benefits paid to its former employees.

– A member is responsible solely for its costs and retains all of its earnings. There is no pooling of risk or absorption of other members’ losses.

– Professional unemployment claims administrations is included at no additional charge to assist the member in eliminating all unwarranted costs.

– Stop Loss Insurance protects each member from excessive losses for unemployment claims. As an added benefit, once a member’s benefit charges exceed the policy deductible, the remaining charges are covered, up to the policy limit, by AmTrust Financial Services, Inc. (Rated A, Excellent by AM Best).

– Member reserves are invested in AAA bonds and fully-insured money market funds with an emphasis on capital protection to ensure that each member’s fund balance is available for the payment of benefits to former employees or for the member to redeem, when necessary.

– A unique deposit payment plan is developed for each organization based on it claims history. Annual deposits are billed in equal quarterly increments to help member organizations maintain a steady cash flow and budgetary certainty.

– Program fees are based on a multiple of each member’s gross annual payroll.

– Program management is supervised by the Board of Supervisors, elected by and representing the members.

– The program is available nationwide and currently includes nearly 1,800 agencies in over 40 states.

– The program is endorsed and recognized by 33 national and state nonprofit associations.

– Member of the Association of Unemployment Tax Organizations and UWC Foundation.

 

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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