Franklin Savings Bank continues commitment to community with purchase of Winni Playhouse tax credits

LACONIA — Franklin Savings Bank (FSB) is continuing its commitment to the community with the purchase of tax credits to support the Winnipesaukee Playhouse conversion of the former Annalee Doll property in Meredith into a state of the art theatre arts campus.

“The Winnipesaukee Playhouse continues to do an exceptional job at bringing arts to the Lakes Region in a setting that truly depicts our region. We are pleased to be a part of this unique and true community endeavor made possible by the dedication, participation, and contributions of businesses, individuals, and families,” said Jeff Savage, FSB president and CEO.

The bank has chosen to participate in the New Hampshire Community Development Finance Authority (NHCDFA) tax credit program by buying $10,000 worth of the $500,000 tax credits awarded to the Winnipesaukee Playhouse.

Eliza Leadbetter, who is spearheading the tax credit program, explains how businesses can purchase state tax credits from the credits awarded to the Playhouse. The contribution is also eligible for a federal charitable donation credit and costs the business buyer a net of 15% of the purchase. In the case of the Playhouse, these tax credit donations will be matched from the one million dollar challenge grant. Individual donations in any amounts will also be matched by the challenge grant.

To support the creation of the new campus, the Playhouse Trustees have undertaken a $2.5 million dollar capital campaign. A foresighted theatre-loving couple have offered a one million dollar matching grant, to be met by December 2011. Franklin Savings Bank, along with other area businesses, recognize the value of this venture to the lakes and central New Hampshire communities and have stepped up to take advantage of the tax credit program.

The Playhouse is one of 12 projects awarded state tax credits to sell. NHCDFA is a non-profit public instrument of the State of New Hampshire. The entity also administers Community Development Block Grants and Neighborhood Stabilization funding.

For more information about the Playhouse and the Capital Campaign, visit www.winniplayhouse.com or call 366-7377.

CAPTION: Amid some of the costumes at the Winnipesaukee Playhouse, Franklin Savings Bank President Jeff Savage (second from right) donates $10,000 to Executive Director Bryan Halperin (left), Trustee Barbara Morgenstern (second from left) and Managing Director Johanna Halperin (right) for the Playhouse Capital Campaign. (Courtesy photo)