Habitat helps your donated dollar go further February 17, 2015
When does a $10,000 donation cost less than $1,500?
At the MIASF member meeting on Jan. 21, Roger G. Metcalf, the Habitat for Humanity Treasurer and Finance Committee Chair and the chief financial officer of Sunbeam Television Corporation, the parent company of WSVN Channel 7, explained the financial benefits of contributing to MIASF’s Habitat house. According to Metcalf, businesses that participate usually can deduct the donation as a charitable contribution. They also are eligible for tax credits of up to 50%, so a donation of $10,000, for example, ends up costing less than $1,500.
“It’s so simple, it’s kind of a no-brainer,” said Jimmie Harrison of Frank and Jimmie’s Propeller.
Several members committed to donations in addition to Frank and Jimmie’s Propeller, including Marine Professional Training, The Triton, Wards Electric, Neptune Boat Lifts, Boat Owners Warehouse and Advanced Mechanical Enterprises.
The tax credits are available under the Community Contribution Tax Credit Program, a state program aimed at encouraging private donations to housing and community development projects. The benefits include a tax credit of up to 50% of the value of the donation against the Florida Corporate Income Tax or the Florida Insurance Premium Tax or a sales tax refund of up to 50% of the value of the donation for donors collecting and remitting Florida sales taxes to the Department of Revenue.
The home-building project also offers a valuable team-building opportunity for your organization starting in March through August. Corporate groups can be anywhere from 7 to 30 people, and volunteer opportunities are available from 7:45 a.m.-12:15 p.m. every Tuesday-Saturday.
MIASF also is exploring partnering with United Way’s Mission United to help build a home for a local veteran.
For more information on donating or participating in a team build, call 954-524-2733 or email email@example.com.