This year, Beckley Area Foundation, Inc. ranked #8 out of 212 applicants for the Neighborhood Investment Program (NIP), receiving the top award amount of $62,000.00. The Neighborhood Investment Program was established in 1997 by the West Virginia State Legislature to encourage charitable giving to local nonprofit organizations. It is administered by the WV 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 an approved NIP organization, contributors can support their community and earn credits to reduce West Virginia personal income tax, business franchise tax or corporate net income tax.
BAF awards the credits to eligible donors on a first come, first served basis. 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.
“The NIP has always been an excellent tool for community foundations to build endowments that will generate income to support the under-served populations of West Virginia. This year we recognize that the southern coalfields of our mountain state face unprecedented economic and social challenges. Thus, we want to offer NIP eligible donors the opportunity to select from a variety of programs we support that reach out to under-served communities, and address immediate needs with half of their gift being directly "passed-through" and the other half will be added to a permanent endowment that will generate additional income every year for the same purpose” stated BAF Executive Director, Dena Cushman.
BAF will also use current endowment income to address these same programs/organizations. The Foundation can offer the opportunity to address a wide diversity of programs without exclusion of a current pressing need, provide immediate support from both pass-through gifts and endowment income while building endowments for the future.
In addition to BAF, six other Raleigh County organizations received NIP state tax credits; Just for Kids, Hospice of Southern WV, West Virginia Professional Dance Company, United Way of Southern WV, New River Community and Technical College and Brian’s Safehouse. The Hinton Area Foundation, a community foundation serving Summers County, also received state tax credits to use for their Vision 20/20 campaign.
For additional information about making an NIP eligible gift, contact the Beckley Area Foundation at 304-253-3806 or email@example.com.