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Wolfeboro-- When Leone McDonnell Roberts decided to redirect $2500 of their 2017-18 state business tax liability to Wentworth Economic Development Corporation (WEDCO), they knew it was a wise use of money. They are Certified Public Accountants, after all.
Since 1999, New Hampshire businesses have had the unique opportunity to contribute to worthwhile nonprofit projects and receive a 75% tax credit for that contribution. The Community Development Finance Authority’s Tax Credit Program enables businesses to invest cash, securities and property to community, housing and economic development projects. This is the second year Leone McDonnell Roberts has given to WEDCO, says partner Evan Stowell. “We have seen the returns WEDCO makes to our local community. Their support of area businesses and community nonprofits enriches the lives of year-round residents and visitors alike. We are pleased to direct some of our firm’s business tax to WEDCO programs that make such a positive impact.”
Explains WEDCO director Denise Roy-Palmer when speaking to prospective donors. “The tax credit program allows you to invest in local community and economic development projects and receive a 75% state tax credit for your contribution; this credit is then applied against your business enterprise tax, business profits tax and/or insurance premium tax. The donation is also considered a federal charitable contribution.”
In addition to providing loans to businesses, WEDCO offers business education and support through the US Small Business Administration and SCORE mentors, and acts as lead agency to a variety of grass-roots initiatives like the recently completed Cotton Valley Trail running along the railroad corridor from Sanbornville to Wolfeboro, and the new “Explore Moose Mountains” recreation and tourism tool headlined by “The Moose, New Hampshire” Facebook page since May, and the ExploreMooseMountains.org website unveiled just recently.
The NH Community Development Finance Authority has provided WEDCO with the opportunity to raise a total of $25,000 in Tax Credit Pledges before March 31, 2018. Contributions are due no later than June 30, 2018. The benefits of redirecting state taxes to WEDCO are clear.
To illustrate: A contributing business makes a $10,000 cash investment in WEDCO or another CDFC-approved project. It receives a state tax credit in the amount of $7,500. After taking additional federal tax benefits, the contribution actually costs the company $1100, or about 11% of the $10,000. The program is a tangible way a business can positively impact economic development in its own community.
In Good Hands chiropractor: practice opens in Wolfeboro with assistance from WEDCO
Dr. Renee Tetreault cites whole body, whole life benefits of chiropractic care
WOLFEBORO — Just in time for those New Year’s resolutions for better health, Dr. Renee Tetreault opened In Good Hands Chiropractic, PLLC, on Elm Street, an endeavor brought forth with many local helping hands, in fact.
After earning her Doctorate of Chiropractic at Life University in Marietta, Georgia, and spending the requisite amount of time earning credit hours and passing four national boards to become licensed, Dr. Tetreault set her sites on opening her own practice in Wolfeboro. She chose Wolfeboro as her husband, Matt Tetreault, works as a guidance counselor at Tuftonboro Elementary School and she also worked locally at other chiropractic practices – filling in for vacations and such -- after earning her license. In March 2016, she “jumped in with both feet,” and when she met with a business mentor from SCORE Lakes Region, he recommended she speak with the Wolfeboro-based WEDCO [Wentworth Economic Development Corp.], a nonprofit organization whose mission is to promote and support businesses and the creation of employment opportunities by providing development assistance and financing.
Left to right: In Good Hands Chiropractic, PLLC, Practice Manager Claudia Kay and Dr. Renee Tetreault at the newly opened practice on Elm Street.
WEDCO holds 24th annual meeting at Sap House Meadery
OSSIPEE — The leadership and board of directors of the Wentworth Economic Development Corp. held the organization’s 24th annual meeting at the Sap House Meadery in Center Ossipee on Tuesday, Jan. 10.
The event provided an opportunity for attendees to see the fruits of the WEDCO Revolving Loan Fund, along with funding from the Mount Washington Valley Economic Council. It was this funding enabled Sap House Meadery founders and co-owners Ash Fischbein and Matt Trahan to significantly expand the business and production by renovating the vacant abutting property as well as their original building. Fischbein led a tour of the renovated Mead Pub and the production/brewing area, and reported that sales – and visitations -- have risen exponentially.
Following introductions and networking over coffee and muffins – too early for mead tasting – Board President Daniel Mills of GI Plastek recapped the organization’s accomplishments.
The WEDCO Board of Directors at the 2017 Annual Meeting held at the Sap House Meadery in Ossipee. Members include, from left to right: Gail Patriquin, Justin Avery, Jeremy Roberge, Cecile Chase, Timothy Cronin, Mary Collins, Nathan Fogg, Daniel Mills, Marcus Weeks, Seth Kassels, Mark Borrin, Megan Ryder, Todd Watson and Dan Osetek.