July 22, 2004
Fitness Center Launches Final Year Of NAP Tax Credit Campaign
Area businesses, farmers, and landlords can receive 70 percent Missouri state income tax credits for donations made to the Scotland County Community Fitness Center now through June 30, 2005. The Board of the Rec-Plex is raising funds with the goal of adding a gymnasium to the existing building.
The Fitness Center was approved for the tax credits through the Neighborhood Assistance Program (NAP) of the Missouri Department of Economic Development. Over the past few years, this fundraising tool has been used successfully in the construction of the new Memphis Theatre, and in the purchase and remodeling of the existing Fitness Center building.
“Donations through the NAP are a great way to keep your tax dollars here at home, working for our community,” said board chairperson Judy Campbell.
Businesses making donations through the NAP will receive a Missouri income tax credit of 70 cents for every dollar donated. Because the Fitness Center is a tax-exempt organization, donors can also take a charitable deduction off their federal income taxes, further increasing the value of the donation.
NAP donations are usually in cash, but may also be made in contributions of securities, real estate, or other items of value. Donors may carry forward the tax credits and use them over a five-year period, to take full advantage of the program.
“Now is the time to talk to your accountant and tax preparer about the advantages of participating in the Neighborhood Assistance tax credit program,” said Campbell.
“Donations must be approved prior to December 31, 2004 in order for the tax credit to be taken against the 2004 tax year. June 30, 2005 will be the final day for tax credit-eligible donations to the Fitness Center.
The names of donors will be kept confidential at the donor’s request. For more information contact Tom Deberry (465-8517 ext. 4) or Ellen Aylward (465-7012).