The MA Community Investment Tax Credit Joe Kriesberg March 2015.

Slides:



Advertisements
Similar presentations
INDIVIDUAL DEVELOPMENT ACCOUNTS AFFINITY CHALLENGES AND OPPORTUNITIES.
Advertisements

The Changing Face of Higher Ed and the Role of IT as a Strategic Enabler Dave Wallace Chief Information Officer University of Waterloo December 4, 2012.
Prof. Avis C. Vidal Humanities Center Seminar October 1, 2013.
Interfacing Initiatives Hometown Collaboration Initiative (HCI)  Expansion of leadership and civic engagement to capitalize on innovative strategies 
Role of RAS in the Agricultural Innovation System Rasheed Sulaiman V
Evaluating the Alternative Financing Program Geoff Smith Vice President Woodstock Institute March 18, 2008 WOODSTOCK INSTITUTE.
CDFI INSTITUTE February 25,2015. Who is US SIF? We are the membership association for professionals, firms, institutions and organizations engaged in.
Advancing Government through Collaboration, Education and Action Financial Innovation and Transformation Shared Services Workshop March 17, 2015.
EARNED INCOME FOR THE NONPROFIT SECTOR Sonya Ulibarri // August 10, 2012.
Economic Impact of Medical Education Expansion in Nevada & Recommended Approach FUTURE 1.
Starting A Foundation: Guidance for Advisors Hilary Pearson President & CEO Philanthropic Foundations Canada October 2008.
District 6380 Rotary Foundation Grant Management Seminar.
Donating Complex Assets to Charity: Case Studies and Best Practices Ryan Boland Fidelity Charitable, Complex Assets Group.
Strategic Plan. April thru November 2011 Strategic Planning Cmmte/Staff Emerging Issues Document Trustee/Staff Meeting Community Listening Campaign SPC/Staff.
Jobs Australia David Thompson. FIESS 2011 Montreal Supporting the Community Employment Sector in Australia David Thompson AM, CEO Jobs Australia and RIPESS.
Managing Up Board Governance from the Staff Perspective © MAP for Nonprofits.
Sustainability Planning Framework and Process. © 2006 The Finance Project About The Finance Project  TFP is a specialized non-profit research, technical.
Internet 2 Corporate Value Proposition Stuart Kippelman (J&J) Jeff Lemmer (Ford) December 12, 2005.
Cargill Associates Architects in Philanthropy. 1. Narrow focus on immediate needs 2. Unengaged constituency 3. Weak Case for Support 4. Untested goals.
Overview of NIPP 2013: Partnering for Critical Infrastructure Security and Resilience October 2013 DRAFT.
AN INVITATION TO LEAD: United Way Partnerships Discussion of a New Way to Work Together. October 2012.
A Microfinance Solution for Water, Sanitation, and Health in Peri-Urban and Rural Areas Presented at the Fifth World Water ForumDr. Richard E. Thorsten.
Designing and Implementing a Savings Campaign in Texas RAISE Texas Summit Federal Reserve Bank of Dallas—Houston Branch October 29, 2012 Laura Rosen.
Regional Centers for Results Based Management and Evaluation Capacity Development: Regional Centers for Results Based Management and Evaluation Capacity.
Blandin Foundation Broadband Initiatives. Why Broadband? Communities must be connected to maintain vitality and economic competiveness People must be.
Kay Sohl Making the Case for Endowment Giving in the Midst of Recession September 10, 2009.
MAINE COMMUNITY TRANSFORMATION GRANT ACTION INSTITUTE 2012.
U.S. Department of Labor Initiatives for Supporting Small Business Development IACML Working Group Meetings Montevideo, Uruguay April 15-17, 2008.
BALANCING FLEXIBILITY AND ACCOUNTABILITY Jan Hendeliowitz, LEED Directing Committee Chief Policy Advisor, Ministry of Employment Danish National Labour.
 Why CED  Definitions  Features of CED  Values inherent in CED  The How of CED  The Results and Challenges of CED  Summary and Conclusion.
Special Session II Increasing Investment for Disaster Risk Reduction.
Preservation Kentucky Mission Preservation Kentucky is dedicated to preserving Kentucky's historic and prehistoric places through education and advocacy.
Planning for Sustainability National Child Traumatic Stress Network All Network Meeting February 6, 2007.
Hillsdale County Intermediate School District Oral Exit Report Quality Assurance Review Team Education Service Agency Accreditation ESA
CSR Action and Engagement in the workplace
Making the most of public investment AFFORDABLE HOMEOWNERSHIP.
Rural Community Colleges and Economic Development: Leaders’ Perspectives on Collaboration Kevin Pennington Mitchell Williams Western Carolina University.
Using Intermediary Organizations to Gain Access to Quality Internships Presented by: Deanna Hanson, California Director, NAF.
Community Foundation of Washington County The Power of Philanthropy.
Transit Revitalization Investment Districts Planning and Implementation of Act 238 of 2004 July 2006 Getting to TRID Lynn Colosi Clear View Strategies.
A National Data and Information Sharing Platform for the Nonprofit Sector Mapena Bok Department of Social Development Lulama Makhubela National Development.
WEDNESDAY MARCH 17, 2010 NATIONAL CAPITAL REGION TRANSPORTATION PLANNING BOARD Sustainable Communities Planning Grant Opportunity for Metropolitan Washington.
The shift to programs in the LAC region. What is a program? A program is a coherent set of initiatives by CARE and our allies that involves a long-term.
Developing Local Capacity for Supportive Housing: The Columbus Experience Barbara Poppe Executive Director Community Shelter Board Presented.
How Pittsburgh is Modeling Community Collaboration Presentation to Jewish Funders Network JCC & Jewish Federation of Greater Pittsburgh May
South Africa Water Energy and Food Forum: 19 th April, 2012: Adrian Sym Executive Director: AWS International Water Stewardship Standard Help shape the.
Program Name or Ancillary Texteere.energy.gov Community Energy Strategic Planning Sarah Zaleski March 30, 2012 INSERT SEVERAL PROGRAM-RELATED PICTURES.
Social Housing Foundation. Meeting with Housing Portfolio committee Role, purpose and mandate Strategy map Supporting housing delivery Key achievements.
1 Pooling, Aggregation and Integration: Strategies for Small Issuers to Increase Their Volume Presented by: Nancy Straw West Central Initiative May 22,
Presented by: Steve Litke, Fraser Basin Council Winnipeg, Manitoba June 18, 2012 Collaborative Approaches to Watershed Governance – Lessons from BC.
Republic of Kenya 1 ST DBA- AFRICA MANAGEMENT REVIEW INTERNATIONAL CONFERENCE RESEARCH AND INNOVATION FOR SOCIO-ECONOMIC DEVELOPMENT IN AFRICA Eng.
Jennifer Skolaski, Ph.D. Community & Nonprofit Leadership Consulting, LLC.
Invest STL A community economic development initiative for improving and strengthening the St. Louis Region.
Minnesota’s Workforce Investment and Competitiveness Strategy Lee W. Munnich, Jr. and L. Burke Murphy Presentation for session on What the European Social.
SILC-NET, a project of ILRU – Independent Living Research Utilization Independent Living Research Utilization 1.
Global Partnership for Enhanced Social Accountability (GPESA) December 19, 2011 World Bank.
Chapter 6 Funding Social Entrepreneurship. Opening Discussion Read the case of FareStart and answer the following questions:  Why was FareStart able.
CAREER PATHWAYS THE NEW WAY OF DOING BUSINESS. Agenda for our Discussion Today we’ll discuss: Career Pathways Systems and Programs Where we’ve been and.
How United Way Works to Advance the Common Good. How United Way Works 2 To improve lives by mobilizing the caring power of communities Mission of the.
Neighborhood Planning Process Lacoochee/Trilby Neighborhoods.
CS/SB 1534 – Housing Assistance Affecting Florida Housing’s State Rental Program Funding Allocation: Mandates Florida Housing reserve a minimum of 5 percent.
CDP-GIZ research project – Paris Workshop Gesellschaft für internationale Zusammenarbeit GmbH André Lammerding, Head of Programme International Water Stewardship.
11 Green Workforce Development Lessons Learned November 30, 2010.
Danida support to the microfinance industry. Overall objectives of Denmark’s development cooperation Overall objective To combat poverty and promote human.
Introduction to the Regional Conservation Partnership Program (RCPP) June 10, 2016 Carol Rivera– Program Manager An Equal Opportunity Provider and Employer.
Partnering with Local Institutional Stakeholders.
Affordable Housing Strategy. Developed with stakeholder groups, including residents Provides an Action-Oriented Plan –Measures current and future housing.
The Housing and Community Development Network of New Jersey SUPPORTING NEW JERSEY’S COMMUNITY DEVELOPMENT SECTOR SINCE 1989.
Hartford Area Habitat for Humanity
The Community Investment Tax Credit
Presentation transcript:

The MA Community Investment Tax Credit Joe Kriesberg March 2015

Innovation Forum: Lessons Learned 1) CDCs must reflect authentic community- base 2) CDCs must develop a strategy tailored to their local market context 3) The CDC business model needs updating 4) New real estate development must be balanced with long-term stewardship of existing portfolios 5) We need to break down boundaries between CED and other sectors

Innovation Forum: Lessons Learned 6) Evidence and data are increasingly important for defining needs and impact 7) We need to apply “state of the art” communication strategies to secure broader support 8) Collaboration at all levels is critical 9) 21 st century community development needs to be community-centric, not real estate centric 10) Need to balance supply-side and demand- side community development

Our Strategy  Support changes needed to advance all 10 lessons  Use training, technical assistance, and peer learning to lift CDC practice  Use partnerships and programs to advance new innovations and best practices  Seek policy and system change  CITC is a way to drive multiple goals simultaneously – and to do so at scale

Goal of CITC “To enable local residents and stakeholders to work with and through community development corporations to partner with nonprofit, public and private entities to improve economic opportunities for low- and moderate-income households and other residents in urban, rural and suburban communities across the Commonwealth."

CDC: Theory of Change

CITC: Leverage Partnership & Collaboration

What does CITC provide?  Authorizes DHCD to allocate the following to Certified CDCs selected through a competition: 2013: $750,000 in community investment grants 2014: $3M in Community Investment Tax Credits : $6M in Community Investment Tax Credits annually  Potential to generate $66 million over seven years  Community Investment Tax credits provide a 50% credit on donations to selected CDCs  $50K to $150K in tax credits each year for 3 years  20% Rural, 30% Gateway Cities

Community Investment Plans 1) Description of the service area and constituency 2) Description of how community residents and stakeholders were engaged in the development of the plan and their role in monitoring and implementing the plan 3) Goals sought to be achieved during the time period of the plan, including how LMI households or LMI communities will benefit and how the entire community will benefit 4) Activities to be pursued to achieve those goals 5) How success will be measured and evaluated

Community Investment Plans 6) Description of the collaborative efforts that support implementation of the plan 7) Description of how the different activities within the plan fit together How the entire plan fits into a larger strategy or vision for the community 8) Present financial strategy to support these activities 9) Provide other information regarding the history and track record of the organization as determined by DHCD

CITC: Tax Savings Examples (Illustration - 35% Tax Bracket) Situations vary. Consult your tax advisor. Minimum DonationMaximum Donation $ 1,000 $ 2,000,000 Community Investment Tax Credit $ 500 $ 1,000,000 Federal Tax Deduction (35%) $ 175 $ 350,000 Total Tax Savings $ 675 $ 1,350,000 Final out-of-pocket donation $ 325 $ 650,000

CDC level  Community  Mission  Program  Organizational  Financial

Program Level  Annual reports to DHCD from each CDC  Common data collection from all CDCs to allow for aggregate impact analysis  Perhaps 3 rd party evaluation to determine how the CITC is “working”

What MACDC is doing  Helping DHCD and DOR  Educating potential donors  Building the United Way Partnership  Offering training through Mel King Institute  Providing 1-1 technical assistance to CDCs

CITC Results So Far  36 CDCs & 2 Community Support Organizations Selected in 2014  Over 1,000 donors participated  Approximately $4.5 million in private funding was secured  Approximately 80% of tax credits deployed  Vast majority of donors were either brand new or increased their prior donations by 100% or more  44 CDCs and 2 CSOs have received $5.2 million in credits for 2015

CITC Results So Far  Significant majority of donors were individuals, not corporations or foundations  Donors also include corporations, banks, lawyers, architects, consultants, churches, donor advised funds, foundations, local businesses  All but a few CDCs were highly successful; those that were not are smaller groups without fundraising capacity/culture  Program inspired many boards to get more involved in fundraising  Program inspired investment in communications, outreach, public relations

CITC Challenges  Confusion regarding the fact that this is a donation not an investment  Slow roll out of rules & procedures  Inadequate communication between/among state agencies, United Way and program participants  Slow & cumbersome processing of credits  National Banks unwilling to respond to local program  Some donors think it is too good to be true  Hard to break through gatekeepers  Keeping the “CITC Promise”

For More information Joseph Kriesberg