Florida’s Budget Shortfall Growing
Florida’s cash shortfall is projected at $1.5 billion and growing. Gov. Crist must decide if the Dept. of Financial Services can borrow another $500 million from the state’s trust fund to avoid a shortfall in the state’s general revenue account. This is on top of the $750 million borrowed in August and the $300 million borrowed in October. It is projected that an additional $700 million will be needed in November The money is needed due to declining general revenue receipts. The State Legislature has until June 30th to replace the borrowed money. Source: Mary Ellen Klas, Miami Herald
Time Running Out For Unemployment Savings
The state-imposed deadline for opting out of paying state unemployment taxes is November 30th, but orgs looking for ways to save money can still get a quote from the First Nonprofit Unemployment Savings Program if they act fast. The program allows nonprofits in Florida with 10 or more employees to stop paying high state unemployment taxes and instead put money into a separate account for the payment of any claims. With the high state unemployment rate, nonprofit orgs that stay in the state system will likely see a huge increase in taxes this year regardless of personal claim history. The First Nonprofit program offers free quotes and works with orgs to make sure all requirements are satisfied. Florida orgs are already saving tens of thousands per year. For info, contact Marina Pavlov at 305.557.1764/ firstname.lastname@example.org
Second Stimulus Package on the Horizon?
Democrats hope to push through a $61 billion stimulus package passed in the House in September but blocked by Republicans. A lame duck session of Congress will be called if enough support can be obtained. With the continued economic crisis and the recent election results, Democrats are hopeful that common ground can be found. The new stimulus package could include funding for infrastructure projects, state Medicaid programs and additional money to extend unemployment benefits and food stamp programs. Some governors have also asked the Federal government to make direct infusions of funds into states to help with budget shortfalls.
The revised GIVE act which addresses mileage for charitable volunteers may also have new life with this stimulus package but this is highly speculative at this time. Source: Nonprofit Policy News
College Loan Forgiveness Program will now include Nonprofit Employees
The final regulations have been approved for the College Cost Reduction and Access Act of 2007. To encourage continued work in public service, full time employees of public service organizations may have balances and accrued interest on some college loans forgiven if all requirements are met. Full-time nonprofit employees may count each month of work and loan payments toward the 120 months of payments required for loan forgiveness, beginning with payments made after October 1, 2007. Direct subsidized, unsubsidized, Direct PLUS and Direct Consolidation loans qualify for the program. Thanks to the advocacy work of FANO and NCNA nonprofit 501 (c)(3) organizations were included in the legislation.
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