Creating an Emergency Financial Assistance Fund for Personal Hardship: What to Include
October 21, 2014
Donation Tax Deductibility by Non-U.S. Team Members to Their U.S.-Based Emergency Financial Assistance Fund
October 30, 2014October 28, 2014
It is unfortunate that red tape can sometimes delay rebuilding and insurance payments for team members already impacted by a disaster.
2012’s Hurricane Sandy was one example of this. At a town hall meeting in March of 2014, New Jersey Governor Chris Christie addressed the issue of ongoing delays in rebuilding after Hurricane Sandy. Governor Christie blamed the slow pace of reconstruction on delays on federal government bureaucracy. In addition to the large-scale construction projects under delay, there was also an acknowledgment that many residents were still awaiting insurance claims to be processed and settlements to be distributed. Still, many residents were unable to return home, and others feel as though their insurance claims stalled, with no end in sight.
This underscores the importance of disaster and hardship relief funds. While a fund would in no way replace the larger sum of an insurance settlement, a grant payout could provide team members with some temporary relief. A grant would likely take some of the financial pressure off of the recipient and could help those who lost their homes find temporary housing, replace lost items, and/or provide a cushion while waiting for insurance funds or other relief. This sort of indefinite time period for a hardship can be financially and emotionally difficult for all involved, which a relief fund can help with in at least a small way.
In the case of New Jersey, there was no definite timeline for when homes and businesses would be rebuilt, or when residents would receive settlements. In the chance that a disaster could strike team members, any amount of financial relief would be a blessing. A disaster relief fund can provide that small measure of relief to your team members.
Source: Dawsey, J. (March 6, 2014). Gov. Christie blames slow Sandy recovery on federal government. The Wall Street Journal. http://online.wsj.com/news/articles/SB10001424052702304815004579419391090698958?mg=reno64wsj&url=http%3A%2F%2Fonline.wsj.com%2Farticle%2FSB10001424052702304815004579419391090698958.html
