Unemployment Savings Program

A Limited Liability Corporation

The Unemployment Savings Program provides a fixed annual budget into your organization’s very own interest-bearing, proprietary reserve account all while allowing you to save thousands of dollars when compared to paying the state unemployment tax (SUTA).

How does it work?

The Unemployment Savings Program is specifically designed for your organization!

Your annual fee is based exclusively on your own unemployment experience and employment profile. There is no shared risk or shared expenses.

Build a reserve account your organization actually owns.

Unlike the taxes paid into your account with the state, this interest-bearing reserve account is yours and is returned to you if you should ever decide to withdraw from the program.  The balance in your account can be carried in your books as it is considered an asset to your organization.

Why choose First Nonprofit?

There are no pooled losses or shared expenses found in trust programs. Every dollar paid into your reserve account pays for claims charged only by your former employees.

Improve your cash flow by making equal, fixed quarterly payments to your reserve account.

Most of your payments into the tax system are made during the first and second quarters. Program members make four equal installment payments over the course of the year.

Protect your organization against high unemployment years with stop loss insurance to cap your financial liability.

Excessively high claims do happen. Perhaps you lose a grant and need to lay off several people? Our program includes stop loss insurance to limit your liability when unexpected events such as this happen. The attachment point, point at which this stop loss insurance coverage applies, is based on your organization’s individual profile.

Why choose First Nonprofit?

We have access to several claims administrators across the country to best fit your organization’s needs.

Professional unemployment claims administration and cost control included.

You will receive services from unemployment insurance professionals familiar with your state’s laws and statutory requirements: Claims validation, representation at all unemployment appeal hearings, audit of benefit charges and advice; including trainings and seminars on the unemployment processes.

Why choose First Nonprofit?

The stop loss insurance limits are calculated for each member based on their size and experience. Individual organization’s coverage limits are not impacted by any other member’s negative claim experience. Not self-funded by group reserves, nor joint and several liability exposure, but true insurance coverage.