Three local nonprofit organizations — Delta County Economic Development, Haven House and Crested Butte Performing Arts Center — have joined the Region 10 Enterprise Zone program as contribution entities in 2013, entitling qualified donors to earn credits on their Colorado state income taxes.
"By establishing themselves as Enterprise Zone contribution entities, these nonprofits can access greater funding support by allowing donors the opportunity to claim a state tax credit for qualified contributions," said Rhona Keckler, who coordinates the Enterprise Zone program through Region 10.
"This is one more tool that can be used to benefit our communities and the organizations that provide services here, thus contributing to the overall economic health of our region."
The program, which encourages investment in western Colorado's nonprofit communities, was established under the auspices of the Region 10 League for Economic Assistance & Planning in 1986. In addition to certifying businesses located within the Enterprise Zone to claim state tax credits, the Enterprise Zone Contribution program offers a substantial benefit for donors to qualified nonprofit organizations that contribute in some way to economic development.
Qualified Enterprise Zone contribution projects, which must be approved by the state, earned contributions of $1,006,309, generating approximately $201,261 in tax credits for donors in 2012. In 2011, Contribution Projects earned $2.03 million in donations and generated $500,000 in donor tax credits. Five new contribution projects were approved in 2012.
In addition to the newly wqualified organizations listed above, qualified contribution projects currently include: Montrose Economic Development Corporation Marketing, Telluride Montrose Regional Air Organization, Hospice & Palliative Care of Western Colorado, Montrose County Senior Citizens Transport, House of Promise Teen Challenge, Wright Opera House Foundation, Lake City DIRT, Western State College Center, PAX, Ridgway Concert Series, Public Art in Ridgway Colorado, Rocky Mountain Bio Labs, the Basin Clinic, Colorado Mesa University Montrose Campus, Tri-County Resource Center, Main in Motion, Gunnison Valley Hospital Foundation, Museum of the Mountain West, Gunnison Arts Center, Delta Truck Route, Six Points Capital Campaign, Sherbino Theater and the Uncompahgre Medical Clinic.
A nonprofit organization, the Region 10 League for Economic Assistance and Planning was formed in 1972 and serves six counties (Montrose, Delta, Gunnison, Ouray, Hinsdale and San Miguel).blog comments powered by Disqus