Thanks to the generous participation of donors like yourself, the Oregon IDA Initiative is helping make dreams a reality in all corners of the state. More than 3,500 individuals are saving right now to build a better future for themselves and their families, and serving as examples within their communities of what a difference a habit of savings plus modest financial incentives can produce.
The Oregon IDA Initiative needs the support of people like you to succeed. Your contributions to Neighborhood Partnerships are the fuel that keeps the Initiative running. Your generosity provides the match for participants’ savings that is their incentive to do the hard work of planning, saving, and building new habits, and helps provide the on-the-ground coaching and support that ensures that participants can make the best possible choices for their futures.
We have almost reached our funding limits for the 2016 calendar year. As a past contributor to the Initiative, we wanted to be sure to reach out to you before we reached capacity. We don’t want you to miss your chance to be part of this great work.
We are still accepting donations by
- check (qualifies for a 70% credit on your Oregon state taxes)
- or by credit card (qualifies for a 67% credit on your Oregon state taxes),
Until we reach our limit of $7.5 million in tax credits. You can check availability of credits here. Please don’t delay if you want to donate in 2016. We expect to hit our limit quickly.
Thank you so much for your partnership. We appreciate your support, and your patience with all of our changes this year.
Executive Director, Neighborhood Partnerships
P.S. Please call 503.548.4475 with any questions. We’d love to speak with you directly.
P.P.S. Will you be in Salem on November 15th? We’ll have a marketplace of IDA small businesses at our annual conference, held at the Salem Convention Center, beginning at 5 pm. We’d love to have you stop by and see what you’ve helped build! RSVP to Jill Winsor.
Contributor support of the Oregon IDA tax credit makes dreams come true across the state while building a stronger and more resilient Oregon.
As you may know, this has been a period of change for the Oregon IDA Tax Credit. Thank you for your patience.
Earlier this year, we tried a stock auction. Thank you to the more than 50 people who contributed $2 million at tax credit rates that ranged from 60% to 70%. We heard, in conversation with donors, CPAs, and financial advisors, that the auction process made it difficult to plan ahead and that the process itself was cumbersome.
We have changed the stock and mutual fund donation procedure to respond to that feedback.
The next opportunity to donate by stock or mutual fund will not be an auction.
New IDA Tax Credit Sale Details for Stock and Mutual Funds
We have developed a new process for stock and mutual fund donations for the Oregon IDA tax credit in 2016:
- $2.5 million worth of credits or remaining available credits (whichever is greater) will be available to stock and mutual fund contributors.
- The tax credit rate for all stock and mutual fund contributions will be 67% – there will be no auction.
- Beginning Sept. 7 at 8am an online form will be available to the public on our Oregon IDA Initiative website. Donors who would like to participate in donating stock or mutual funds will be required to complete and submit the online form to indicate how much they would like to contribute to the IDA tax credit. The form will “close” and be removed from online access at 5pm on Sept. 9. Forms submitted after 5pm on Sept. 9 will not be accepted.
- The submitted online form will act as a placeholder for your stock or mutual fund contribution. Entries will be counted on a “first come, first served” basis. If the amount you request in tax credits puts you over or partially over our tax credit capacity, you will be given the option to contribute a portion of your stock or mutual funds.
If you submit your online form before the deadline of 5pm on Sept. 9 and before all $2.5 million in credits (or the balance of credits remaining) has been claimed, we will contact you with the details to transfer your stock or mutual fund shares. If you did not make the cutoff you will also be notified via email.
Components of the Online Form
The form will be simple and should take less than 60 seconds to complete.
You will need to have ready:
- Donor name/company
- Donor email
- Donor phone number
- CPA/Financial advisor/Broker name (if applicable)
- CPA/Financial advisor/Broker company (if applicable)
- CPA/Financial advisor/Broker email (if applicable)
- CPA/Financial advisor/Broker phone (if applicable)
- Dollar amount you wish to contribute in stock or mutual fund shares (you will not need to give us number of shares or share symbols at this point). To account for market fluctuations, the dollar amount you actually contribute may be a couple of percentage points higher or lower than the amount you declared on the form.
The online form will be posted at https://oregonidainitiative.org/donate/stocks/ on Sept. 7 at 8am.
We will maintain an open dialogue throughout the process. Any questions and suggestions you have are welcome. In the coming years we hope to stabilize the stock and mutual fund donation process to make it more predictable and easier.
Please let us know if you have questions. We can be reached at 503-548-4475 or via email at email@example.com.
By Jessica Junke, Director of Economic Opportunity, Neighborhood Partnerships
Neighborhood Partnerships, under the leadership of Oregon Housing and Community Services (OHCS), is incredibly honored to partner with the dedicated organizations of the Oregon IDA Initiative. Their collective commitment to building lasting pathways to opportunity across the state is extraordinary.
Today, OHCS announced an award of $9.35 million to be distributed to our 10 partner organizations:
- College Dreams
- Community and Shelter Assistance Corporation of Oregon (CASA)
- Immigrant and Refugee Community Organization (IRCO)
- Mercy Corps Northwest (MCNW)
- Micro Enterprise Services of Oregon (MESO)
- The Native American Youth and Family Center (NAYA)
- Neighborhood Economic Development Corporation (NEDCO)
- NeighborWorks Umpqua (NWU)
- Portland Housing Center (PHC)
- Warm Springs Community Action Team (WSCAT)
In addition to maintaining our impactful statewide services in 2016, the Oregon IDA Initiative will include new savings categories because of our success during the 2015 Oregon Legislative session. These initial, focused pilots, led by CASA of Oregon and NEDCO, will give people access to savings for first and last month’s rent, building retirement readiness, and much more.
For instance, a pilot with Northeast Oregon Economic Development District (NEOEDD) will help community members purchase reliable vehicles to meet a significant unmet need in their region. Mercy Corps NW will expand support to young people currently incarcerated with the Oregon Youth Authority to save to support their success as they return to their home communities. NEDCO, in Springfield, OR will offer tenants at their Polk Street Apartments, an apartment complex for young adults aging out of foster care, a chance to save for more stable and lasting housing.
Please contact me with any questions about the 2016 Oregon IDA Initiative funding awards (jjunke@NeighborhoodPartnerships.org, 503-226-3001 x 109).