Leverage your gift
Business owners who pay NH business profits taxes, business development taxes or insurance premium taxes and want to help homeless families in our community can now purchase NH tax credits from Family Promise of Southern NH (FPSNH). NH tax credits are awarded each year to select NH non-profits by the NH Community Development Finance Authority (NHCDFA). These can be used to pay the business’ aforementioned NH tax liabilities.
These credits can be used over a five-year period and allow the business to direct their charitable gift top a local non-profit that has been awarded them. Making a charitable gift using tax credits effectively leverages their gift by a factor of 5 or 6..
How does this work?
Example: The business makes donation of $10.000. They receive $7,500 in tax credits and the non-profit (in this case, FPSNH) receives $8.000 of this donation to help homeless families get back on their feet. ($2,000 goes to the NHCDFA to administer the program.). Thus the business has made an out-of-pocket gift of $10,000 to FPSNH, but after claiming the $7,500 tax credit for this gift on their state taxes and the deductions to both their state and federal taxable income, the business’ effective cost of the total $8,000 gift to FPSNH is about $1,200.
It’s a great deal for businesses that want to have their tax dollars stay in their community to help their neighbors and lots of homeless kids.
For over 20 years FPSNH has been providing safe housing for hundreds of families and their children while helping them to get back on their feet. Our facility, in the former Infant Jesus School, serves twenty-four families at any given time.
We have a proven program for helping homeless families work their way back to living independently in their own homes. Our program requires each family to work and save 75-80% of their income for a down payment on an apartment or a house. We provide financial literacy training to ensure that they remain independent after leaving our program. On average, families graduate from our program in 10-11 months and over 80% of our graduating families never need housing assistance again.
The tax credit program is a great way to help us in this important mission.
For more information about purchasing tax credits, call Sara Cannell, Director of Development at Family Promise of Southern NH, at 603-883-7338 ext 4. For more information on Family Promise, go to www.familypromisesnh.org