When setting up an emergency assistance fund, many companies forge ahead without putting much thought into the best practices in creating these types of programs. Failure to do so always results in a fund that is less efficient, and therefore more expensive and less effective, than it could be.
While not an exhaustive list, the following are some areas to consider before finalizing the details on your organization’s emergency assistance fund:
Source: Stockham, D., Clontz, B. 17 May, 2019 (revised from 2012 version) Emergency Assistance Funds (EAFs) for Employee Hardship and Disaster Relief: Legal, Tax and Design Considerations. Planned Giving Design Center. Accessed from: http://www.pgdc.com/pgdc/emergency-assistance-funds-eafs-employee-hardship-and-disaster-relief-legal-tax-and-design-cons