The Beckley Area Foundation has received an allocation of $75,000 in West Virginia state tax credits through the Neighborhood Investment Program. Businesses and individuals who donate $500 or more to BAF, or any other participating charity, are eligible to receive 50 percent of the contributed amount in the form of state tax credits.
BAF awards the credits to eligible donors on a first-come, first-served basis. While the 2013-2014 state program ends with the close of its fiscal year in June 2014, the foundation’s allocation of credits has traditionally been exhausted far in advance of that date. Donors may contact the foundation office to make a formal pledge that will reserve credits for a gift to be made later in 2013 or in the spring of 2014.
The Neighborhood Investment Program was established in 1997 by the West Virginia Legislature to encourage charitable giving to local nonprofit organizations. It is administered by the West Virginia Development Office.
The Beckley Area Foundation has participated in this program since its inception. The program allows 501-c-3 designated charitable organizations to apply for state tax credit vouchers. Organizations approved to participate can then distribute the vouchers to contributing businesses and individuals.
By donating to approved NIP organizations, contributors can support their community and earn credits to reduce West Virginia personal income tax, business franchise tax or corporate net income tax.
BAF manages 364 different funds that benefit a variety of charitable purposes ranging from need-based scholarships to area non-profit organizations. Donations to many BAF funds that support improvement in the quality of West Virginians’ lives are eligible for participation in NIP.
“This is an amazing opportunity,” noted Susan Landis, executive director of BAF. “Donors are receiving a rebate on their charitable gift. With federal and state tax savings combined, a $1,000 contribution to an approved NIP organization could cost as little as $335.”
“NIP tax credits offer an incentive to either start a new named fund at BAF or add to an existing endowment.”
Besides BAF, some other Raleigh County charitable organizations participating in the Neighborhood Investment Program include Hospice, Just for Kids, New River Community and Technical College, and the West Virginia Dance Company. The Hinton Area Foundation, a community foundation serving Summers County, received $50,000 in state tax credits.
For additional information about making an NIP eligible gift, contact the Beckley Area Foundation at 304-253-3806 or email@example.com.