HB 545 -- Community Foundation Committee

Co-Sponsors:  Berkowitz, Kreider, Smith, Barry, Selby, Ransdall,
Reynolds, Hampton, Black, Shoemyer, Britt, Carnahan

This bill creates the Missouri Community Foundation Committee
with the sole purpose of creating and incorporating the Missouri
Community Foundation.  The objective of the foundation is to
assist individuals, businesses, and organizations with their
philanthropic goals.

The foundation's duties will include:  creating a permanent
endowment fund to be funded through charitable donations,
administering and investing funds, serving as a resource center
for nonprofit organizations, and promoting the giving of funds
by citizens.

The bill details the membership of the committee and the
frequency of meetings and allows the committee to be staffed by
the Department of Economic Development.

The bill also authorizes a state income tax credit for donations
to a foundation equal to 10% of the value of the donation
beginning with tax year 2002.  The minimum donation is set at
$100.

Missouri House of Representatives
Last Updated September 13, 2001 at 2:02 pm