WVU at Parkersburg Foundation
For Immediate Use
CONTACT: Paul D. Daugherty, Executive Director, 424-8340
WVU at Parkersburg Foundation Has State Tax Credits
The WVU at Parkersburg Foundation has been awarded state tax credits through the Neighborhood Investment Program. "The WV State Tax Credits are a wonderful way for the WVU at Parkersburg Foundation to thank donors for their generous gifts. The credits are available to donors whose contributions are earmarked for scholarships for low-income students", notes Paul Daugherty, the Foundationís new Executive Director.
To qualify for the state tax credit, donorsí contributions must be at least $500. Donors receive a voucher that entitles them to reduce the amount of their state tax obligation by 50% of the value of their donation. According to Daugherty, "This is not a deduction. The tax credit allows individuals to actually reduce the amount of their state tax obligation by 50% of the amount of their contribution. Combined with the allowable federal tax deduction, this program provides significant tax savings for the donor." He adds, "The credits are much better than a tax deduction"
If you are interested in establishing an endowment with the Foundation, contributing to an existing endowment, or simply providing a current scholarship, this program offers a great incentive to act on that charitable idea.
Administered by the West Virginia Development Office, NIP is a program under which qualified non-profit organizations may use state tax credits as an incentive for donations to fund new or ongoing projects.
Anyone interested in more information about the state tax credit program or the WVU at Parkersburg Foundation can call the Foundation office at 424-8340.
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