Nonprofit organizations, sometimes referred to as reimbursing employers, that elect and are approved to make payments to the Unemployment Compensation Fund in lieu of contributions must first file a surety bond with the Ohio Department of Job and Family Services (ODJFS). The bond’s purpose is to guarantee restitution, through the surety company (Jet), should the nonprofit organization fail to make due payments.
Jet provides surety bonds directly to the public, allowing you to get your bond quickly and efficiently with no unnecessary added fees.
The cost will depend on a few factors: your personal credit, the bond limit, a review of your business financial statements, etc. With Jet, you will only pay a small percentage of the required bond limit.
The Department of Job and Family Services will let you know the bond limit needed, which is the lesser of the two following amounts:
The bond limit can be increased or decreased at any time. It is important to let Jet know if this is the case so we can update the bond form to reflect the change.
The Ohio Department of Job and Family Services is tasked with overseeing the state’s child and adult protective services, adoption, child support programs, child care, workforce development, public assistance, and unemployment insurance. Nonprofit businesses (reimbursing employers) paying into the Unemployment Compensation Fund are regulated by the ODJFS and need a bond if they choose and are approved to make payments to the Fund rather than contributions.
The bond’s sole purpose is to ensure that reimbursing employers electing to make payments instead of contributions pay their dues and any interest accrued. Jet steps in as a third-party guarantor of compensation when the nonprofit organization fails to make required payments.
Get right into the application by clicking the button above. Your social security number (for the soft credit check) and basic business information will be collected. Jet must review the details and will get back to you on the next steps.
Business and personal financials may need to be reviewed, in addition to your most-recent year-end audit. The more information provided, the more likely it is we can get you an approved rate.
As soon as it is ready, a quote will be emailed to you. From there you can purchase the bond online and will receive a copy of the bond and your receipt once processed.
Allow us to take care of the bond filing for you! Unless you’d prefer to send in the bond yourself, you can select that option at checkout. The completed bond form must be sent to the address below:
Ohio Department of Job and Family Services
PO Box 182404
Columbus, OH 43218
Unfortunately, no. The bond is active for 24 months from the date of issuance. During that time you and the surety company (Jet) are liable under the bond. If you simply do not need the bond after 24 months, the bond will end and liability will be released at that time. Notify us of any changes to the bond by emailing us at email@example.com.
The bond form does have a beginning and ending date, which must be set as a 24-month period. However, if you need the bond beyond 24 months, Jet can file a continuation certificate with the Ohio Department of Job and Family Services to extend your coverage.
You will be sent a reminder via email and to your mailing address before the bond’s expiration date, and you must let us know how you’d like to proceed. It is also important for you to let us know if the bond amount has changed so we can adjust the bond form accordingly.
Section 4141.241 of the Code, which details the surety bond requirement, should be complied with to avoid bond claims. More specifically, make due payments and any accrued interest in a timely manner.
Any payment in lieu of contribution that is late or simply not paid shall gain 14% interest compounded monthly on the total receivable balance due. In this calculation, any partial month will be considered as a full month.
Jet will proceed with an investigation after collecting all claim details and documentation. Our goal is to weed out any false claims. Any justified claims will be paid up to the bond limit to the claimant.
Unlike insurance, surety bonds are enforced to protect the state and the public. Actions that result in a bond claim are the responsibility of your lack of compliance with the laws. Because of this, you must pay Jet back in the claim amount which does not exceed the bond limit.