Franklin County Community Development Corp. lands bigger contributions with help from tax-credit program
The Franklin County Community Development Corp., marking its 35th anniversary, recently got a $35,000 donation from Greenfield Savings Bank, which is typically one of its largest contributors.
But this year’s contribution from the local bank is about three times the level of support it usually receives, according to CDC Director John Waite. And the CDC’s overall annual campaign this year brought in $144,000 — more than twice what it has for each of the last two years.
The hike in contributions, Waite says, is attributable to approval in March of a state program that allows donors a 50 percent tax credit, to a maximum of $110,000 for the nonprofit economic development organization.
The bank’s $35,000 donation is the single largest contribution the CDC has ever received from a private business.
The CDC, which was able to apply the tax credits to contributions beginning in April, nevertheless saw a significant hike in donations made in the year that ended June 30, from $62,000 in each of the previous two years, Waite said. And given that the state’s tax credit program will be in effect for a full 12 months in the current budget year, it’s projecting the level of contributions to rise to $225,000 this year.
Franklin County CDC is one of 37 nonprofits certified by the state Department of Housing and Community Development for the program, which was created as the state has cut back its direct contributions to those kind of organizations.
“We’re proud to be a long-standing supporter of the FCCDC. Their work with local entrepreneurs and businesses helps build and strengthen the community around us — a mission in perfect alignment with what we do each and every day at Greenfield Savings Bank,” says President and CEO Becky Caplice. “The tax credit simply made it possible for us to give even more this year.”
Waite said that about half of its annual contributions typically come from individuals and small businesses, and the other half is from banks, foundations and corporations.
“Our partnership with Greenfield Savings Bank has always been about strengthening the economy of our region, and with this generous donation we can do even more,” he said.
Waite said he expects the CDC will launch its “big push” for contributions this fall.
Contributions have typically accounted for $60,000 to $70,000 of the CDC’s roughly $1 million annual budget, Waite said.
On the Web: www.fccdc.org