What do high unemployment rates, increased taxes and negative State Trust Fund Balances mean to your nonprofit? All these statistics mean less money for your cause.
INCREASED TAX COST
In 2009, the average unemployment tax cost to the New Mexico Department of Workforce Solutions, per employee, was about $232. In order to replenish the diminishing unemployment trust fund caused by the recession, factors used in calculating unemployment rates were increased, therefore increasing the average unemployment tax cost per employee. By 2014 that cost had increased by 60% to about $372.
IMPROPER PAYMENT RATE
The New Mexico Department of Workforce Solutions had a 13.973 average improper payment rate from 2011 to 2014. Over $49 million improper payments were made in 2014 alone.
First Nonprofit Group provides more than 1,700 nonprofits around the country with unemployment insurance at affordable rates. Below is a sample savings analysis of one member since 2010.![]( "NM Savings")
To find out how much money your organization can save, contact us for an unemployment cost savings evaluation. Evaluations are free, there is no obligation to join, and an estimate of your 2016 unemployment rate is included!
For a PDF version of this fact sheet, please click here.
