Reduce Your Personal Income Tax by Supporting Scholarships at Concord
Athens, W. Va. – Individuals or businesses that reside in the state of West Virginia may earn “tax credits” while they support scholarships at Concord College.
In return for donating cash, personal property or stock, a donor can receive a tax credit for up to 50 percent of the total donation. Some in-kind professional services may also be eligible for the credits.
The tax credit vouchers will reduce specific West Virginia taxes such as corporate net income tax, business franchise tax, and personal income tax not reported on the W2 form.
The West Virginia Development Office approved the Concord College Foundation to receive $35,975 in tax credit vouchers as part of the 2003 Neighborhood Investment Program (NIP). As a participant in the NIP, Concord can distribute the credit vouchers to individuals or businesses that contribute to the College.
The NIP was designed by the West Virginia Legislature in 1996 to increase charitable donations to nonprofit organizations in the state.
In order for nonprofit organizations like Concord College to participate in the NIP, they must be community based, serve distressed neighborhoods or communities containing primarily low-income individuals, have a history of maintaining low administrative costs, and demonstrate both the need for and ability to carry out the proposed services.
Concord College has a long history of serving southern West Virginia and economically distraught areas.
College officials plan to use donations generated by the NIP to augment student scholarships, adding to what is already the most generous institutional scholarship program among all public colleges in West Virginia.
All donations of $500 or more to scholarships are eligible. NIP tax credits do not have any effect on federal tax deductions, however, the use of NIP credits in conjunction with federal tax deductions greatly reduces the cost of the contribution by the donor. For example, with federal and state tax savings combined, a $10,000 contribution could end up costing the business only $1,667.
“We at Concord College are grateful for your support of higher education,” stated Loretta A. Young, executive director for the Concord College Foundation and associate vice president for development. “Your gifts do impact the lives of students.”
For more information concerning the NIP or donations to Concord College, contact the Concord College Office of Development at 1-304-384-5317 or e-mail email@example.com.