neighborhood assistance program (nap)
DESCRIPTION
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. - PowerPoint PPT PresentationTRANSCRIPT
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
$2,500,000.00 credits awarded annually
177 applications received totaling $5.84 million requested tax credits 172 applications awarded
Housing activities: received 50% of request
Other Community Development activities: received 41.6% of request
Program TrendsFunding Summary 2008-2009
Average Award Amount 14,546.78$ Median Award Amount $ 14,996.17
% of Applications Receiving Allocation 97.18%
AWARD SUMMARYTax Credits Available 2,500,000.00$
Eligible Tax Credit Requests $
ALLOCATION RATE
5,842,525.0041-50%
Program Trends# of
Organizations Applied
# of Allocated Organizati
ons Funded
Amount of Allocated
Tax Credits
Average Award
Amount
Affordable Housing
30 30 $469,000.00 $15,633.33
Counseling 32 30 $456,197.10 $15,206.57Medical Care 24 24 $326,166.74 $13,590.28Emergency Shelter
17 17 $302,687.50 $17,805.15
Child Care 15 15 $221,089.40 $14,739.29Emergency Food Assistance
14 14 $219,769.40 $15,697.81
Educational Assistance
19 18 $207,971.90 $11,553.99
Recreational Facility
12 12 $167,565.14 $13,963.76
Job Training 4 4 $70,815.26 $17,703.82Transportation Services
7 7 $48,737.56 6,962.51
Downtown Revitalization
2 1 $10,000.00 $10,000.00
TOTAL: 177 172 $2,500,000.00 $14,534.88
Contribution PolicyEligibility
Eligible Donors Any person, business, or
organization that has an Indiana income tax liability
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 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 PolicyTax Credit Limits
Minimum Tax credit: $50 Maximum Tax credit (per calendar
year): $25,000
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 Policy Ineligible Contributions
Services and/or Labor (No Sweat Equity) Supplies Equipment Non-stationary building materials
Semi-Annual Reporting (2 reports per program year)
Expenditure and Reporting Requirements
Mid-year Report(1st & 2nd quarters)
January 9, 2009
Year-End Report(3rd & 4th quarters)
June 5, 2009
Contact your Community Development Representative immediately if problems arise.
Semi-Annual Reporting
Recipient must turn in an electronic copy of report and corresponding short forms by each deadline
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 Reporting
IHCDA will assist Recipients in meeting deadline by:
1. Sending e-mail reminder of Semi-annual Report Deadlines
2. Sending e-mail update to organizations that did not submit Semi-annual Reports
3. Providing performance report at the end of Program Year 2008-2009
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 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 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
De-Allocation Policy Must meet utilization requirements
60% - mid year 100% - year end
De-allocated up to utilization requirements
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-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 Modifications Close-Out
Submitted at time of activity completion via mail
Requires original signature by authorized signatory
No later than June 30, 2010
Conclusion
Implementation Manual online at:http://www.in.gov/ihcda/3099.htm