Paid Family and Medical Leave
In 2019, employers and employees in Washington will begin paying premiums for paid family and medical leave. Employer payments are mandatory for nonprofits with 50+ staff, and optional for smaller nonprofits. Starting Jan. 1, 2020, employees will be able to apply for Paid Family and Medical Leave benefits for qualifying events. Benefits will be available for most employees who work at least 820 hours in the qualifying period.
Paid Family and Medical Leave will be a state-run insurance program that is funded by both employers and employees. Eligible employees are assured up to 12 weeks of leave as needed, with partial wage replacement. In certain exceptional cases 16-18 weeks may be taken. The amount of this benefit varies depending on the employee’s weekly wage, median statewide incomes, and other factors.
Last year employers were required to provide paid sick leave. Download this flyer to understand the difference between Paid Family & Medical Leave and Paid Sick Leave.
Do you need help knowing how these rules apply to your organization? Click here for a recording of a webinar Washington Nonprofits did on October 31, 2018 with the Employment Security Department. 501 Commons is a resource on all human resource matters. Click here to learn more.
New Nonprofit Reporting Standards
A guideline implemented in 2016 is now coming fully into effect. The Financial Accounting Standards Board issued guidelines in 2016 on how nonprofits should classify its net assets, as well as the information it presents in its financial statements about its liquidity and availability of resources, expenses, investment return, and cash flows. Organizations with years ending December 31, 2018 must now comply.
Ready more about this in this article from Jones & Associates.
Join an upcoming Finance Unlocked workshop or webinar where we talk about this.
Of interest to nonprofits with government contracts
In June 2018, the Financial Accounting Standards Board (FASB) issued new guidance that will change the way we think about revenue recognition as it applies to contracts with government agencies. Read the article on the Jacobson Jarvis website for more information.