The Eastern West Virginia Community Foundation (EWVCF) participates in the West Virginia Neighborhood Investment Program (NIP), a tax credit program. This program allows West Virginians to reduce their state tax liability by up to 50%. EWVCF applies for these tax credits every June through the West Virginia Development Office and the awards are announced in early September. In September 2019, EWVCF was awarded $29,250 in tax credits. They are available on a limited first-come, first-served basis.
“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. NIP tax credits can save taxpayers up to 50% of what they own in WV State taxes while supporting important nonprofit programs. “We are focusing on growing our unrestricted endowment so we can address the most pressing needs in our community,” stated Whalton. Thirty-percent of all NIP eligible gifts are being directed to our Community Impact Funds in the five counties we serve – Berkeley, Jefferson, Morgan, Hampshire, and Hardy.”
The minimum gift to EWVCF to qualify for NIP tax credits is $500 and the maximum is $4,000. A $4,000 contribution earns $2,000 in tax credits and smaller gifts also earn a 50% tax credit based on the amount of the donation. Contributions made to the Community Foundation for NIP tax credits will be allocated as follows: 30% of the contribution will be dedicated to building unrestricted endowments at the Community Foundation and 3% of the gift goes back to the West Virginia Development Office to cover their cost of implementing the program. The remaining 67% of the gift can be directed to one or more of the qualifying funds here at the Community Foundation.
A number of Community Foundation field of interest funds qualify for the credit, including the Joan Roach Volunteer Fund for the Needy, Eastern Panhandle CARE Fund, Housing Action Fund, and the Mini-Grants to Teachers Fund. Many nonprofit organizations in the region, including 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, and Community Networks, Inc. – Bethany House have agency endowed funds which can be supported by the Neighborhood Investment Program.
To receive a list of funds that are eligible for NIP tax credits at our affiliates in Hampshire and Hardy counties, please email Amy Pancake at apancake@EWVCF.org.
Any resident may contribute, but individuals who are 70 1/2 and have a Traditional IRA can use a Qualified Charitable Distribution (QCD) from their IRA to receive NIP tax credits. Donors may use the credits to reduce liability for West Virginia Personal Income Tax or Corporate Net Income Tax. Donors interested in reserving NIP tax credits to support nonprofits in Jefferson, Berkeley, or Morgan counties should call Michael Whalton at (304) 264-0353 to discuss how they would like their gift to be used to benefit local charities.
Individuals wishing to support Hampshire County nonprofits can call Amy Pancake at (304) 822-7200. The Hardy County contact number for Amy is (304) 538-3431.
We ask that all NIP eligible gifts be made to the Community Foundation by December 20th.
The Eastern West Virginia Community Foundation was founded in 1995 and serves Jefferson, Berkeley, Morgan, Hampshire, and Hardy counties. It distributes roughly $1 million in annual grants and scholarships to local nonprofit organizations and college-bound students. The Foundation also provides financial stewardship for 235 component funds and holds over $26 million in total assets.