The upcoming overtime rule changes will have a significant impact on small businesses, but nonprofit organizations will likely feel the repercussions most intensely.
These are a few of the top HR articles we’ve assembled from the last month that address the challenges facing nonprofits as they prepare for the changes in the HR and payroll landscape. Take a look at the latest HR news.
Via Nonprofit Quarterly. As the December 1st date for implementing the new overtime rules approaches, nonprofits are still trying to figure out how they will address increased staff costs. This process is sure to open up questions about wage fairness that won’t be easy to answer.
Via Marketplace. Your employees don’t work for you because of the paycheck, but because of the mission. But nonprofits will need to get creative in order to track hours worked and stay afloat as they issue larger paychecks.
Via SHRM. Arguably the single most difficult task when complying with the overtime rules is deciding whether to reclassify employees, and if so, which ones. Here are some thoughts on making that decision.
Via SHRM. Stating that small businesses need more time to implement the looming overtime rule changes, the NFIB filed a petition with the U.S. Department of Labor (DOL) to delay the start date by six months, until June 1, 2017.
Via MiBiz. Most people who serve on the boards of nonprofits don’t have the time to learn about the terminology used in their organization’s financial statements. A new and simplified accounting standard aims to resolve that conundrum.
With video: CPC Officials Concerned About BVU Audit Findings
Via HeraldCourier.com. Recently, DeAnn Compton, audit director of the Virginia Auditor of Public Accounts, presented a draft report showing 57 findings of BVU’s failures within its business and financial practices. Many of these failures included mishandling of funds.