Posted Under: Finance

The U.S. Department of Labor issued a final rule to increase the minimum salary threshold for the “white collar” overtime exemption under the Fair Labor Standards Act (FLSA) from its current rate of $35,568 to $43,888 per year starting on July 1, 2024 and increasing to $58,656 per year starting on January 1, 2025. To be exempt from overtime pay under this provision, workers must be paid a salary of at least $58,656 and must also meet certain job duties for executive, administrative, and professional employees. Workers with a salary below this threshold must be paid overtime if they work more than 40 hours a week. Currently, the State of Alaska requires salaried employees who are exempt from the minimum wage and overtime requirements under Alaska Statute 23.10.055(b) to maintain a salary that is equivalent to two… Read more »

Posted Under: Finance President's letter

So many choices. So many great ideas. So much wishful thinking. We all have been in these meetings. It’s a real struggle to sort through all you are hearing and doing to get to the things that matter the most. Add the need to generate revenue, and the pressure can be overwhelming on a good day. So how do you choose which activity to run with? How can you be sure that whatever you choose will get you closer to not just more money, but more mission? Having a clear sense of your business model is certainly an essential step. But once you know if your mission is going to be primarily powered by earned income or charitable income only gets you off the starting line. Now you have to… Read more »

Posted Under: Finance President's letter

To everything there is a season and, yes, there are budget seasons. We are in one now – for federal and state governments, and for your nonprofit. If you have a fiscal year that begins in July, you are very likely drafting a budget for the next year. (For those of you with a January or October fiscal year, your season has past, and you are well on your way to living your budget.) Budgets come in all sizes and all complexities. They can be simple and straightforward, as well as incredibly detailed and nuanced. They can be about millions of dollars or about thousands. All of our organizations benefit from this financial roadmap, and yet in Alaska we know from our recent survey work that too many organizations (19%)… Read more »