Missouri DED approves Columbia food bank for $250k in tax credits
COLUMBIA - The Missouri Department of Economic Development (DED) said Monday it approved a $250,000 in tax credits for the Columbia food bank under the Neighborhood Assistance Program (NAP).
"We feel relieved, frankly," said food bank director Peggy Kirkpatrick. "The approval process is extremely competitive, and hundreds of not-for-profits apply for the tax credits. We feel very thankful the department recognizes the importance of what we do."
The DED approved $1,090,747 in tax credits to four food banks and one food pantry:
• Harvesters - The Community Food Network in Kansas City has been approved for $250,000
• Ivy Bend Community Food Pantry in Stover has been approved for $215,747
• Operation Food Search, Inc., in St. Louis has been approved for $250,000
• Southeast Missouri Food Bank in Sikeston has been approved for $125,000
• The Food Bank For Central & Northeast Missouri, Inc., in Columbia has been approved for $250,000
Travis Sappinton works for the Columbia food bank and said this tax credit will help the organization reach its ultimate goals.
"We had 40,000 volunteers last year," Sappington said. "That's the same as the number of people living in Jefferson City. We could never pay all those people, much less purchase the food and supplies we send out around the state every day. This credit gives businesses incentive to donate."
The NAP helps not-for-profit organizations raise money by providing partial state tax credits to businesses that make contributions to approved community improvement projects.
Businesses can donate money, materials, supplies, equipment, technical assistance, professional services, labor, real estate or stocks and bonds.
Tax credits can equal up to 50 percent of the total amount contributed, or they can equal up to 70 percent for projects located in some rural areas.
Not-for-profit organizations participating in the NAP program conduct fund raising and outreach activities or provide services such as crime prevention, education, job training, physical revitalizations and more.
Not-for-profit organizations throughout Missouri use the NAP to make their communities a more desirable place to live and work, as well as to contribute to the community's economic development.
Earlier this summer, Gov. Jay Nixon announced more than $4 million in funding through the Missouri Community Service Commission's AmeriCorps program for 21 not-for-profit organizations. A portion of the $4 million was directed specifically toward food bank organizations.