First Selectman Mike Tetreau announced today that five local non-profits 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% increase in pledged gifts from last year.
The State’s Neighborhood Assistance Act (NAA) 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 (DRS).
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 as follows:
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
First Selectman Tetreau remarked, “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.”
Community and Economic Development Director Mark Barnhart, who administers the program locally, added, “We are delighted to take part in this program, and wish to extend our thanks to the businesses that make these gifts in support of these community programs.”
For more information on the NAA program, please visit the DRS website or contact the Fairfield Department of Community and Economic Development at (203) 256-3120.
The photos shows Wakeman Boys & Girls Club Executive Director Dave Blagys and First Selectman Mike Tetreau at Wakeman Boys & Girls Club’s Southport Clubhouse, 385 Center Street, Southport. Wakeman is one of the non-profits receiving a funding commitment.