Some NYCON Members saved over $300,000 on their Unemployment Costs last year. Were you one of them?
Have you taken a look at your Unemployment costs lately? After years of low unemployment and record economic growth, many major employers have continued to announce layoffs in the transportation, manufacturing and hospitality industries. If your nonprofit is currently paying into the State Unemployment Insurance system, you may be helping to subsidize claims like these.
New York Nonprofits Have Options. You can protect your organization from rising costs by opting out of the state system and becoming a “reimbursing” employer. By law, New York’s 501(c) 3 nonprofit organizations are not required to pay state unemployment taxes so long as they reimburse the state for actual claims paid.
To encourage more organizations to take advantage of this cost-saving opportunity, NYCON has endorsed the innovative First Nonprofit Unemployment Savings Program, which offers tax-exempt nonprofits like yours reduced unemployment costs, improved cash flow, earned interest on their account, expert claims administration, and much more.
Last year, 75 NYCON members saved over $300,000 by participating.
If you have not yet investigated this program, I encourage you contact us to determine how much money your organization could save by participating. It’s absolutely free for the analysis, with no obligation to join. The free analysis will give you the clear-cut numbers, letting you know if staying in the New York State Unemployment system is more cost-effective, or if you are one of the nonprofits who could save 20% to 60% on Unemployment costs next year!