A GREAT OPPORTUNITY IN THE MIDST OF ECONOMIC HARDSHIP!

April 1, 2009

“Isn’t it appropriate that the month of the tax begins with April Fool’s Day and ends with cries of ‘May Day!’?”

I recently came across this quote from a man named Rob Knaerhase. In the hard economic times so many of us are coping with these days, the “May Day!” part is especially fitting. It may be a little late to change your 2008 tax situation (which you’re probably doing paperwork for now), but what if I told you that CLO could help you pay less in taxes next year?

If you pay state taxes in Kansas and make a donation with a value of $250 or more to CLO’s Midnight Farm project, you’re eligible to receive half of that amount back in state tax credits for 2009. This is no April Fool’s prank…it’s true!

You may recall reading in previous CLO publications or on CLO’s website that the Kansas Department of Commerce approved CLO’s Midnight Farm project for participation in the state’s Community Service Tax Credit Program last summer. The current tax credit program runs through the end of 2009. Any individual or business that pays Kansas state taxes can receive a state tax credit through this program.

What are tax credits?

State tax credits are a way for taxpayers to substantially reduce the cost of making a donation to charitable causes. In Kansas, the Community Service Tax Credit Program also gives taxpayers the opportunity to choose a charitable program to support through their state tax dollars.

How much are tax credits worth?

CLO, in conjunction with the Kansas Department of Commerce, can award a tax credit worth 50% of a donation to benefit CLO’s Midnight Farm.

How does this program work?

• To qualify for a tax credit, you and/or your business must make a donation with a value of at least $250 directly to CLO, and specifically for the benefit of Midnight Farm.

• Once CLO has received your donation, we will need to collect some information from you, fill out some forms, and submit them to the state’s Department of Commerce. You can then be awarded a state tax credit worth 50% of your total contribution – a contribution of $250 would receive $125 of state tax credits.

• Tax credits are applied to the year in which you make the donation. To receive a tax credit for 2009, you must make your donation by December 31, 2009.

• CLO and the Commerce Department have a limited amount of tax credits to award, so the sooner you make your donation, the better.

• You will receive a tax refund if the value of your state tax credit exceeds your state tax liability.

• In addition to the state tax credit, you can claim a deduction for the full amount of your donation on your federal income tax return.

You know that they say: “The tax man cometh” (and soon), but as ominous as that may seem, dealing with tax issues doesn’t have to be all bad. With a little planning - and a little giving to CLO for a very important project that will benefit hundreds of adults and children with special needs- between now and the end of the year, we can help you make things a little less “taxing” this time next year.

Sincerely,
Michael C. Strouse, Ph.D.
Chief Executive Officer