Cornerstone Touting Tax Credit For Help With Major Project
VERNON, CT — With a major capital project approved and endorsed through a state tax-exempt program, the Vernon-based Cornerstone Foundation is now seeking help from area businesses.
Cornerstone runs a regional shelter, a soup kitchen, a clothing bank and various other programs, like offering free Halloween costumes, back-to-school supplies and prom attire for those who cannot afford them.
The approved project involves installing a new HVAC system, recently approved by the Connecticut Department of Revenue Service under the Neighborhood Assistance Act program.
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“This initiative provides a unique opportunity for local businesses to make a meaningful impact in the community while benefiting from a generous tax credit,” Cornerstone officials said. “The NAA program offers a 100 percent corporate business tax credit for businesses that make cash contributions to eligible nonprofit projects, including Cornerstone’s HVAC renovation efforts.”
With an endorsement from the Vernon Town Council, the project was submitted to state officials, which then approved it for the NAA program.
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Essentially, Cornerstone’s HVAC renovation project addresses what organization officials termed “the urgent need to replace outdated and non-operational systems at three critical locations.” They are the New Hope House Shelter, the Community Center and a staff apartment above the Cornerstone Community Kitchen.
“These systems are well beyond their life expectancy, and replacing them will ensure a safe, comfortable environment for our staff and the people we serve. This project is critical to the health and safety of everyone who relies on Cornerstone,” Cornerstone Executive Director Sharon Redfern said. “Our HVAC systems are failing, making it difficult to provide a warm and
comfortable space in the winter and a cool, safe refuge in the summer. For the families in our homeless shelter, the individuals we serve at the community center, and our hardworking staff, having properly functioning HVAC systems is a necessity, not a luxury. We desperately need the community’s support to ensure that these vulnerable spaces remain safe and welcoming.”
Cornerstone officials said they need donations.
“This is a fantastic opportunity for local businesses to make a direct impact on the lives of people in their own community while benefiting from a 100 percent tax credit,” Redfern said. “By contributing to this project, businesses can help us create safer, more comfortable environments for those in need, and at the same time, receive a full tax credit for their generosity.”
The total cost of the project is $40,864, with $36,484 eligible for the NAA tax credit,” Redfern said.
Here’s how it works. Businesses that pledge a donation toward this project can receive a 100 percent tax credit under Chapters 207, 208, 210, 211, and 212 of Connecticut’s corporate tax code. A minimum donation of $250 is required to qualify for the tax credit.
“This program is a win-win, allowing businesses to give back to the community while also receiving a valuable tax benefit. For more information about the NAA program and to access the required Form NAA-02, visit the Connecticut Department of Revenue Services website here. The form will be available from Sept. 15 through Oct. 1.
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For questions or more information, contact Sharon Redfern at 860-858-6362 or email
sharon.redfern@cornerstone-cares.org.
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