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Grant Administration
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“First
Nonprofit was an
easy choice. Bonded Service saved us substantial money
and provided professional claims service that relieved
our staff of this administrative burden.”
Arrowhead Economic
Opportunity Council
Virginia, MN |
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In
2004, nearly 200 nonprofit organizations across
the country utilized the Bonded Service Program
to lower their SUI costs without facing the uncertainty
of reimbursing on their own. These graphs present
the aggregate experience in 2004 of these nonprofits
in select states, detailing the amount of taxes
these organizations would have paid based on their
assigned 2004 tax rates, the actual fees paid
in our program, the actual unemployment benefits
paid to their former employees and the actual
savings these employers enjoyed by participating
our program.
In
all, savings for these Bonded Service Program
members reduced their SUI payments by $2.4 million
or 26% when compared to the SUI tax option! |
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amount these employers would have paid in 2004 based
on the tax rates assigned to them individually for
2004 by the State. FY 2003 taxable wages for each
employer was used to calculate their estimated tax
contribution. |
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actual program fees paid in aggregate for all participating
program members in each state. |
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The
difference between the combined BSC Fees and the
SUI taxes for 2004 for participating members in
each state.
In
all, our participating program members from 18
states saved in excess of $4,000,000 by opting
out of the unemployment tax system and utilizing
our Bonded Service Program. Also, several program
members were already reimbursing prior to opting
for the Bonded Service alternative. Though they
did not directly reduce their unemployment expense,
they have found Bonded Service to be a more cost
effective fixed cost option than the SUI tax . |
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