Nonprofits need to pay careful attention to funding, volunteers and compliance in 2018
This year promises to be one filled with change. It will be a year when tax laws continue to be re-written and the Affordable Care Act (Obamacare) will remain a hot topic for debates. 2018 will be a year where more and more workers make the shift to what is commonly called the gig economy. While all of these changes are important, we wanted to look at closer look at some key issues your nonprofit may face this year.
It seems like it becomes more difficult to obtain funding with each year that passes. Organizations are forced to tighten their budgets every year and 2018 will not be any different. With government grants getting tougher to come by, it is extremely important to find creative ways to stretch your dollars and make them count.
As a nonprofit, you know your employees don’t work for you to get rich; they work for you because you have a purpose — a vision to help make the world a better place. That’s where you get your best employees. At the same time, to attract and retain the best, those employees need to have a competitive benefits package. Finding a solution that meets those needs has become paramount to the long-term success of an organization.
We all love volunteers. They have the best intentions and are a critical part of your extended team. However, there is a large risk associated with utilizing a volunteer workforce. Have you consulted an expert on addressing waivers, insurance requirements and potential background checks on your volunteer workforce? As painful as it is, weeding out poor performers or volunteers that don’t share your vision is a must. The last thing you want is to have a bad apple in the group that could impact not only your team, but how the rest of the world perceives your organization.
Federal, State, local, IRS, DOL, FLSA, EEO — the list goes on and on. Even though you are a nonprofit you still have regulations to which you must adhere. Many of them you probably have covered, but some of them you may not even know about. Another concern is keeping your tax-exempt status intact. As the expression goes, you don’t know what you don’t know. Having an expert help identify where you stand from a regulatory perspective is extremely important. The last thing your nonprofit needs is a labor violation or some other misstep that turns into bad press for your organization.
The key issues described above are just the tip of the iceberg. With so many areas needing attention, it makes sense to talk to an expert. Companies need to have rules, policies, and budgets — that’s a given. However, there needs to be a strategy to balance their short-term needs with their long-term goals.
With newer generations entering the workforce, the status quo becomes less attractive to potential candidates. Good employees want to work with like-minded people. Once you find them, you need to hold on to them. That’s where Pratura Group comes in. Let us help you in the areas of human resources, compliance and employee benefits.