Neighborhood assistance program nap
This presentation is the property of its rightful owner.
Sponsored Links
1 / 22

Neighborhood Assistance Program (NAP) PowerPoint PPT Presentation


  • 84 Views
  • Uploaded on
  • Presentation posted in: General

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.

Download Presentation

Neighborhood Assistance Program (NAP)

An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -

Presentation Transcript


Neighborhood assistance program nap

Neighborhood Assistance Program (NAP)

Award Training 2008-2009


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%


Program trends2

Program Trends


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 PolicyTax Credit Limits

  • Minimum Tax credit: $50

  • Maximum Tax credit (per calendar year): $25,000


Contribution policy minimum donation

Contribution PolicyMinimum 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 ReportingReporting 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 ReportingNAP 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


  • Login