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.
$584 Average SUTA Cost Per Employee
Factors used in calculating employer state unemployment tax rates have increased, therefore increasing the average state unemployment tax cost per employee by 27%, from $461 in 2009 to $584 by 2015.
$900 Million State Budget Deficit
Connecticut is experiencing a $266 million budget deficit and is facing a deficit of over $900 million for the 2016-2017 year. Social service providers have estimated that more than $400 million of the proposed cuts for next year are from human services and would lead to nearly 4,000 layoffs at nonprofits that run group homes and provide mental health and other services for the state government.
$33 Million Unemployment Claim Overpayments
Connecticut’s April 2014 – March 2015 unemployment claim overpayment rate was 4.687%, equaling over $33 Million.
There are options to financing your nonprofit organization’s unemployment costs.
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!
