Unemployment insurance cost facts every Illinois nonprofit should know!
What do state unemployment taxes (SUTA), state unemployment reserve balances and claim overpayment rates mean to your nonprofit?
These factors could mean less money for your nonprofit organization’s cause.
54% 2009-2015 Increased Tax Cost
From 2009 to 2012, the Illinois Department of Employment Security borrowed money from the Federal Unemployment Account in order to pay the excess unemployment claims the state trust fund could not cover. In order to replenish the fund, factors used in calculating unemployment rates were increased, therefore increasing the average unemployment tax cost per employee from $300 in 2009 to $463 by 2015.
$227 Million Unemployment Claim Overpayments
The Illinois July 1, 2014 – June 30, 2015 unemployment claim overpayment rate was 13.585%, equaling over $227 million.
However, there are options to financing your nonprofit organization’s state unemployment costs…
First Nonprofit Group provides state compliant, individually insured, cost-saving options to satisfy SUTA (State Unemployment Insurance Tax) requirements for nonprofit and governmental entities. Below is a sample savings analysis of one of our Illinois members since 2009.
Visit our website or call (800) 526-4352 to request a free, no-obligation cost savings evaluation on your organization’s unemployment costs. Evaluations include a 2017 rate projection!