Thanks to the West Virginia Development Office Neighborhood Investment Program (NIP), the Eastern West Virginia Community Foundation is offering West Virginia residents NIP Tax Credits for qualifying gifts made to the Foundation. Because the West Virginia tax credits actually reduce your state tax liability, a $1000 gift to the Community Foundation translates into an actual $500 out of pocket expense—and even less if donors itemize deductions on their federal tax return.
“Tax credits can help donors make sizable gifts that will benefit favorite charities this year, and forever,” says Michael Whalton, executive director of the Eastern West Virginia Community Foundation. The Community Foundation works with local donors to build permanent community endowment. Funds are invested and the gains produce grants and scholarships that benefit Eastern West Virginia. The minimum gift to qualify for NIP tax credits is $500 and the maximum is $5,000.
A number of existing agency endowed funds held in the Community Foundation qualify a donor’s gift for the credit. The Eastern Panhandle CARE Fund, CCAP Loaves and Fishes, CASA of the Eastern Panhandle, Jefferson County Community Ministries, Camp Frame 4-H, Boys and Girls Club of the Eastern Panhandle, Healthy Smiles Dental Clinic, Shepherdstown Daycare Center, Junior Mentoring Program (JUMP), Shenandoah Women’s Center, Housing Action Fund, Community Networks, Inc. – Bethany House all have endowed funds which are eligible to receive gifts through the Neighborhood Investment Program.
Tax credits may also be used to set up a new, qualifying fund in the Community Foundation. Individuals or businesses interested in making an NIP eligible donation can call (304) 264-0353 to reserve credits and discuss how their gift will be used to benefit local charities.
The West Virginia Legislature sets aside $3 million annually in NIP tax credits. To participate, an organization must be a public 501(c)(3) charity and apply to the West Virginia Development Office. Donors may use the credits to reduce liability for West Virginia Personal Income Tax or Corporate Net Income Tax.
The Eastern West Virginia Community Foundation was founded in 1995 and serves Jefferson, Berkeley, Morgan, Hampshire and Hardy counties. It provides financial stewardship for more than 230 endowment funds, holds over $22 million in assets, and distributes nearly $1 million in annual grants and scholarships to local nonprofit organizations and college-bound students. For information about the Community Foundation visit www.EWVCF.org or call 304-264-0353.
The Community Foundation is currently reworking several competitive grant programs and moving the application deadline up to December 8th of this year for our 2018 Eastern Panhandle Youth Grants, Frada Fine Berkeley Education Grants, Jefferson County Historic Cemetery Grants, Eastern Panhandle CARE Fund Grants, and Housing in Action Grants. More than $120,000 in grants will be awarded from these grant programs in mid-February. By moving everything up we can get our grants awarded before the big scholarship push and the earlier dates provide our grantees a longer period of time to complete their grant funded programs.