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Neighborhood Assistance Program (NAP). Award Training 2008-2009. Agenda. Community Development Staff (see Map) Program Trends Contribution Policy Requirements Semi-annual Reporting Forms De & Re-allocation Modification Procedures Close-out Procedures. Program Trends.

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Presentation Transcript
agenda
Agenda
  • Community Development Staff (see Map)
  • Program Trends
  • Contribution Policy Requirements
  • Semi-annual Reporting Forms
  • De & Re-allocation
  • Modification Procedures
  • Close-out Procedures
program trends
Program Trends
  • $2,500,000.00 credits awarded annually
  • 177 applications received totaling

$5.84 million requested tax credits

  • 172 applications awarded
    • Housing activities: received 50% of request
    • Other Community Development activities: received 41.6% of request
program trends1

AWARD SUMMARY

ALLOCATION RATE

Average Award Amount

$

14,546.78

Tax Credits Available

$

2,500,000.00

Median Award Amount

$

14,996.17

Eligible Tax Credit Requests

$

% of Applications Receiving Allocation

97.18%

Program Trends

Funding Summary 2008-2009

5,842,525.00

41-50%

contribution policy eligibility
Contribution PolicyEligibility
  • Eligible Donors
    • Any person, business, or organization that has an Indiana income tax liability
contribution policy
Contribution Policy
  • Eligible Contributions
    • Cash
    • Check
    • Credit card
    • Stock (that has been sold)
    • United Way Designations
    • Property (that will be used for NAP activity)
    • In-Kind donations (limited to building materials)
contribution policy donations
Contribution PolicyDonations
  • Tax credits = 50% of contribution amount
  • Calendar year that contribution was given
  • Minimum Donation = $100
  • Maximum Donation (per calendar year) = $50,000
  • Donations begin July 1, 2008 and end June 5, 2009
contribution policy tax credit limits
Contribution Policy Tax Credit Limits
  • Minimum Tax credit: $50
  • Maximum Tax credit (per calendar year): $25,000
contribution policy minimum donation
Contribution Policy Minimum donation
  • If donor contributes several small donations that add up to an amount greater than minimum contribution :
    • All contributions must be turned in to IHCDA at the same time
    • Grouped contributions must be in same calendar year
    • List only the last date of the multiple contribution dates on the NC-10 form, short form and spreadsheet
contribution policy1
Contribution Policy
  • Ineligible Contributions
    • Services and/or Labor (No Sweat Equity)
    • Supplies
    • Equipment
    • Non-stationary building materials
semi annual reporting 2 reports per program year
Semi-Annual Reporting (2 reports per program year)
  • Expenditure and Reporting Requirements

Contact your Community Development Representative immediately if problems arise.

semi annual reporting
Semi-Annual Reporting
  • Recipient must turn in an electronic copy of report and corresponding short forms by eachdeadline
  • If unable to meet deadline recipient must contact IHCDA rep. prior to deadline to avoid penalty
  • Failing to meet either deadline for semi-annual reporting will result in ineligibility for NAP in 2009-2010 program year
semi annual reporting1
Semi-annual Reporting
  • IHCDA will assist Recipients in meeting deadline by:
  • Sending e-mail reminder of Semi-annual Report Deadlines
  • Sending e-mail update to organizations that did not submit Semi-annual Reports
  • Providing performance report at the end of Program Year 2008-2009
semi annual reporting reporting forms
Semi-annual Reporting Reporting Forms

NC-10 Form and Short Form

  • Identifies the donor and ensures correct account receives the tax credit
  • Complete for all donations that receive a NAP tax credit
  • Both the organization and donor completes
  • Short form added to ensure confidentiality
semi annual reporting nap spreadsheet
Semi-Annual Reporting NAP Spreadsheet
  • Lists all donor names, addresses and amounts
  • Determining contribution dates – see manual
  • Where do we send all the forms?
    • To IHCDA:
      • Spreadsheet saved on CD-Rom
      • Short Forms
    • To IN Dep’t of Revenue (DOR):
      • NC-10 Forms
      • DOR Address– Indiana Department of Revenue

Tax Administration – Support Division

100 N. Senate Ave. – Room N203

Indianapolis, Indiana 46204

semi annual reporting2
Semi-annual Reporting
  • IHCDA reviews Spreadsheet and Short Forms
  • Organizations will be contacted to resolve any discrepancies between short forms and spreadsheets. ALL INFO. ON BOTH MUST BE IDENTICAL!
  • IHCDA uploads spreadsheets to the Dept. of Revenue.
  • DOR generates NC-20 Form (within 7-10 business days of receipt)
tax credit de allocation
Tax Credit De-Allocation
  • De-Allocation Policy
    • Must meet utilization requirements
      • 60% - mid year
      • 100% - year end
    • De-allocated up to utilization requirements
tax credit re allocation
Tax Credit Re-Allocation
  • Requirements:
    • Utilized 100% of original award amount
    • Report submitted by Re-allocation deadline
    • Optional for agencies that want to become eligible for a re-allocation
  • Tax credits available for re-allocation divided among all organizations who meet requirements
  • Receives up to Application Tax Credit Request
tax credit re allocation1
Tax Credit Re-allocation
  • By October 3, 2008:
    • 100% of tax credits sold
    • Short forms and electronic spreadsheet submitted to IHCDA
  • Tax credits will be re-allocated after all Mid-year reports have been received
  • Designed to be a competitive process
  • Re-allocated agencies will be expected to meet same expenditure rates as originally outlined in their award agreement
other procedures
Other Procedures
  • Modifications
  • Close-Out
    • Submitted at time of activity completion via mail
    • Requires original signature by authorized signatory
    • No later than June 30, 2010
conclusion
Conclusion

Implementation Manual online at:

http://www.in.gov/ihcda/3099.htm

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