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Religion-Related, Spiritual Development , Saint Louis, MO: Nonprofit Search Results

The Society of St. Vincent de Paul in Saint Louis, MO was allocated $202,068 in Missouri State Tax Credits according to the January 2, 2009 edition of the St. Louis Business Journal. The tax credits are for the Neighborhood Assistance Program which is administered by the Missouri Department of Economic Development. Any Missouri-based nonprofit organization can apply for tax credits to help fund either building projects or service programs that benefit Missourians. Tax credits are allocated on a first-come first-serve basis until the funds are all used for the year. The tax credit application asks a series of detailed questions about the way the organization proposes to use the funds, their client demographics, and their budget. Additional information must describe the plans the organization has to market the tax credits. Finally, letters of support for the organization must be gathered, a local government representative must sign off on the application which must also be notorized. Tax credits can be traded to and used by businesses and financial institutions to off-set state tax liabilities. The recipients can claim 50% back in state tax credits over several years for the donation they give. So, the $202,068 in tax credits that St. Vincent de Paul has will be worth over $400,000 in actual cash or inkind donations. They will have to return quarterly reports to the Department of Economic Development and also obtain an audit.

Tags: Nonprofit MO Tax Credits Neighborhood Assistance Program
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2 total votes | Comments (0) | Created by lesleyaileen on 2009-01-02 - Login to vote or comment!