Support CMFCAA and Receive Tax Credits!
The Missouri Department of Economic Development (DED) has approved Central Missouri Foster Care & Adoption Association (CMFCAA) for state tax credits under the Youth Opportunities Program (YOP). The approved application awards CMFCAA with $58,646 of Missouri state tax credits. YOP, administered by the Missouri DED, provides tax credits to organizations administering positive youth development or crime prevention projects. This tax credit may be utilized by an individual or corporation with a Missouri tax liability.
Central Missouri Foster Care & Adoption Association provides long-term support through various programs, such as Transitions program, Respite Program, Food Program, Youth Share Night program and In-Service Training. Donations received as part of this YOP project will support and enable youth to become successful, productive members of the community including, life skills training and development, employment training for older youth, educational assistance, recreational activities and more.
How the YOP tax credit works:
Eligible donors receive a state income tax credit for 50% of the value of a donation made to Central Missouri Foster Care & Adoption Association (CMFCAA).
An example:
| Personal Donation | $1,500 | $3,000 | $5,000 |
|---|---|---|---|
| Federal Tax Bracket | 24% | 24% | 24% |
| State Tax Bracket | 6% | 6% | 6% |
| State Tax Credit | -$750 | -$1,500 | -$2,500 |
| Federal Income Tax Deduction | -$180 | -$360 | -$600 |
| State Income Tax Deduction | -$45 | -$90 | -$150 |
| Reduced State Deduction on Federal Return | $191 | $382 | $636 |
| Net Cost | $716 | $1,432 | $2,386 |
Assumes the taxpayer itemizes deductions on their tax return and is in the 24% federal tax bracket.
Assumes a business organized as a flow-through entity whose owner is in the 24% federal tax bracket. Additionally, the business receives some kind of advertising/marketing benefit for making the “donation”.
Neither this document nor any comments made by CMFCAA employees should be treated as tax, legal or accounting advice. Potential donors should seek independent advice from their certified public accountant(s) or attorney(s) before making a contribution.
Specified donations made January 1, 2018 – December 31, 2019 are eligible for these 50% tax credits.
YOP Tax credits are available on a first come first served basis and require a minimum donation of $1,500. There is a $3,000 minimum for Gala donations. They are not guaranteed to be available for the duration of the project term.
Frequently Asked Questions
Am I eligible?
All individuals, LLCs, partnerships, banks or corporations that have Missouri tax liability are eligible for this program.
How can tax credits be used?
Donors have up to one year from the date of the contribution to complete the application process, but have up to 5 years to use credits to offset State income tax liability. Credits shall not exceed the donor’s liability in the tax year it is claimed.
Can I claim the full charitable deduction on my taxes and use the tax credit?
Yes. You can claim the charitable deduction on both your Federal and State taxes as well as the tax credit on just your State taxes.
How do I give?
- Make a cash, credit card (MC or VISA) or stock contribution ($1,500 or more) to CMFCAA. Make sure to write “YOP” in the check memo line.
- Complete the application that accompanies your acknowledgement and return it to CMFCAA, 809 Swifts Hwy, Jefferson City, MO 65109 for verification and forwarding to DED. (This requires your SSN or BIN, signature, notarization, and proof of donation.)
- File the simple MO-TC Form with your State income tax return. Missouri DED will send you an approval notice with the necessary information.
For more information please email DeAnna Alonso, President/CEO at deanna@mofosteradopt.com or call (573) 298-0258.
Thank you for supporting Missouri’s abused and neglected youth. Your contribution will change a life!
