News Briefs: Local nonprofits get $40K in funding
Local nonprofits get $40K in funding
FAIRFIELD — First Selectman Mike Tetreau recently announced five local nonprofits have received funding commitments from businesses totaling more than $40,000, as a result of the town’s (no cost) participation in the State’s Neighborhood Assistance Act program. The commitments represent a nearly 60 percent increase in pledged gifts from last year.
The State’s Neighborhood Assistance Act program incentivizes businesses to make charitable contributions to approved community programs. Businesses that make such charitable gifts are eligible to apply for, and receive, a tax credit against their State corporate tax liability. Programs must be conducted by municipal agencies or non-profit organizations, and be approved by the host community as well as the Connecticut Department of Revenue Services.
This past year, the town of Fairfield approved eight programs from seven different organizations for inclusion into the NAA program, all of which were approved subsequently by the state. Five organizations later received pledged gifts ranging from $915 to $9,158. The five Fairfield organizations receiving funding commitments are:
Connecticut Challenge - Mission Training Center - $1,831.62
Fairfield Theatre Company - FTC Lighting Upgrades - $19,232.01
Operation Hope - Hunger/Homelessness Services - $2,747.43
Pequot Library Association - Roof Replacement - $5,494.86
Wakeman Memorial Association - Energy Efficiency Upgrades - $13,737.15
“This is a real ‘win-win’ situation for both Fairfield’s non-profits and the businesses involved. On the one hand, community organizations are able to raise much needed funds to help support a number of very worthwhile initiatives that benefit local residents. On the other hand, businesses that make a charitable gift toward these programs are able to reduce their corporate tax liability,” Tetreau said in a news release.
For information on the NAA program, visit the DRS website or contact the Fairfield Department of Community and Economic Development at 203-256-3120.