Oregon IDA InitiativeOregon IDA Initiative

Oct
10

Oregon Individual Development Account Tax Credits – Limited Amounts Still Available!

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),

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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.

Warmly,

Janet Byrd
Executive Director, Neighborhood Partnerships

P.S. Please call 503.548.4475 with any questions. We’d love to speak with you directly.

 

Jul
11

Oregon IDA Tax Credits: Stock Sales Will Be Open Sept. 7-9 With Changes

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 mrossi@neighborhoodpartnerships.org.

 

Mar
28

2017 IDA Awards

This week, Oregon Housing and Community Services, in cooperation with Neighborhood Partnerships, has finalized funding awards for the 2017-2018 program year for the Oregon Individual Development Account Initiative.

The Initiative invests in the personal and financial growth of individuals to build strong communities throughout Oregon. Individual Development Accounts, or IDAs, are matched savings accounts that build the financial capability of qualifying Oregonians with lower incomes while they save towards a defined goal. IDAs build pathways of opportunity and create models of economic success in Oregon communities.

The Initiative was created in 1999 by the Oregon State Legislature to bring state agencies, private non-profit and tribal partners, and private contributors together to create opportunity in Oregon. Oregon Housing and Community Services Department oversees the Initiative, in coordination with the Oregon Department of Revenue. The Initiative is managed by Neighborhood Partnerships.

With these awards, participants in all corners of the state will continue to benefit from matched funds to help them purchase a home, fulfill an educational goal, develop and launch a small business, restore a home to habitable condition, or purchase equipment to support employment. In 2015, allowed categories for savings were expanded by the Legislature, and in the coming year we are excited to be able to support the Initiative in piloting those new ways to support Oregonians’ goals.

A total of $10,028,250 in awards were made to the following organizations:

CASA of Oregon   $3,800,000 
College Dreams   $800,000
IRCO   $105,000             
Mercy Corps NW   $645,000 
MESO   $500,000 
NAYA Family Center   $190,000             
NEDCO    $620,000    
Neighbor Works Umpqua  $2,275,000     
Portland Housing Center    $776,250       
Warm Springs Community Action Team    $317,000