According to the National Center for Charitable Statistics, in 2015 there were 1.56 million nonprofits registered with the Internal Revenue Service (IRS). Each of these nonprofits were established in order to promote or advocate for a particular cause, and in doing so, any extra revenue is put back into their efforts rather than distributing revenue to members of the organization. This typically means that these organizations are working with limited funds and employees of nonprofit institutions are receiving a minimal amount of compensation, and many members are simply volunteering.
Working for or running a nonprofit can be an extremely rewarding endeavor, however, there are dozens of challenges, especially when it comes to finances. When as much money as possible is spent on promoting the organization’s values, marketing, seeking donors, etc., it leaves only so much to spend on employee benefits, human resources, compliance, and more.
At The Medical Link, our team will help your nonprofit find a PEO that can provide the services you need and one that is just as passionate about helping promote your cause as you are. The Medical Link offers over 25 years of experience working in the employee benefits marketplace and we understand the needs and struggles that nonprofits face. With this unique experience, we believe we can help you find a PEO that fits your organization’s needs and purpose.
Why Do Nonprofits Need a PEO?
They’ll Do The Worrying For You
Members of a nonprofit primarily focus on working to raise awareness for their cause, organizing fundraisers, spending time working directly to support their cause, and so much more. Because a majority of the work is dedicated to promoting their purpose, it leaves little time and money to spend on payroll, human resource responsibilities, and compliance. However, spending time and money is essential in order to remain in good standing with the IRS, Occupational Safety and Health Administration (OSHA), Americans with Disabilities Act (ADA), Health Insurance Portability and Accountability Act (HIPAA), and others. Nonprofits must be compliant with each of these organizations and each has their own requirements and regulations. With a PEO service on your side, you don’t have to worry about what requirements and regulations are being followed or what you may be missing. An experienced and reliable PEO will ensure that everything is covered, freeing up the time and money you need to focus on your primary objective.
Attract Top Talent
A nonprofit without a staff of passionate, dedicated, and highly-qualified employees and volunteers will surely have a much harder time raising awareness. But how can nonprofits attract top talent without competitive benefits? And how can nonprofits afford strong benefits (a 401K, vision, dental, and other healthcare coverage) when a majority of their revenue is spent on furthering their cause? By working with a PEO service that will ensure you are offering the best, cost-effective benefits that potential employees are looking for. Someone looking to work in the nonprofit sector could have a hard time finding a decent salary simply because that’s the nature of nonprofits, and so being able to offer a better benefits package than another potential nonprofit could be what you need to attract the talent you’re looking for and need.
So You Can Focus on Growing Your Organization
Nonprofits spend a significant amount of time and money on raising awareness, marketing, and fundraising. Creating a following and increasing the number of donations is how nonprofits are able to grow, which in turn helps them support their cause. Any money that is spent on paying for benefits and HR services is not being spent on working toward these efforts. A dedicated PEO will help provide members and employees with healthcare and financial coverage, it will help find and hire new staff, manage time and attendance, manage 1094-C/1095-C compliance and reporting, payroll, and so much more. A dedicated PEO service will free up time so that you can focus on your outreach and lobbying programs.
If you run a nonprofit organization and need help with the many human resources tasks, staying compliant with various agencies, attracting top talent, all while focusing on raising awareness for your cause, get in touch with the team at The Medical Link in New York. We will partner with your institution to ensure that you find a PEO that is right for your needs. Each of the 1.56 million nonprofits in the U.S. has their own unique list of needs. Let us help you find a PEO that can service those needs in a cost-effective way. Contact us today to get started.