Just two months after receiving a major donation, the Springfield Art Museum has been awarded $2 million in tax credits.
The credits come from the Missouri Development Finance Board and are designed to spur private investment in the museum’s $25 million renovation and expansion. Qualified individuals and corporations can receive a 50 percent Infrastructure Development Fund Tax Credit based upon their contribution. These tax credits can be used by the contributor or to pay certain taxes due to the State of Missouri, or the credits can be sold or transferred within certain parameters.
“We’re excited to see the growth occurring at the Springfield Art Museum,” said Matt Morrow, president of the Springfield Area Chamber of Commerce. “Arts and culture amenities like the museum not only benefit our current residents and helps us retain talent, but also contribute to Springfield’s quality of place. Making our community an attractive place to live and work helps us attract new people, growing our workforce and making a positive impact on our local economy.”
Interested in taking advantage of the tax credit? Contributions of cash or securities must be made directly to the Missouri Development Finance Board, which will then distribute the monies to the museum and the tax credit to the donor. Tax credits cannot be refunded or carried-back, but can be carried forward to offset future tax liabilities for up to five years if the tax credit in the donation year exceeds the donors’ tax liability in that same year.
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The announcement comes after The Sunderland Foundation’s $5 million lead gift to the 2028 Campaign and near the completion of both the Fassnight Creek naturalization and parking lot improvement projects. Those projects were funded through public partnership and private investment.
“With receipt of these important tax credits, now is the time for the Museum to invite individuals and corporations to make their commitments to the Museum’s 2028 Campaign,” said Nick Nelson, museum director. “And we’re pleased and grateful to announce that two remarkable and generous community members have agreed to lead the 2028 Campaign private investment effort, Drs. Tom and Kimberley Prater.”
Selections from the Prater’s collection of contemporary ceramics were part of the museum’s 2017-18 special exhibition “Wonder Rooms: Ozark Collections.”
“We are so proud to assist the museum with this incredible growth opportunity,” Kim Prater said. “As art collectors ourselves and as huge fans of the Springfield Art Museum, we are honored to serve.”
In addition to their leadership support for the Springfield Art Museum, the Praters have supported causes and efforts across the region such as the Sister Cities Association, Forward SGF, Community Foundation of the Ozarks, Drury University, Springfield Chamber of Commerce, Discovery Center, Hauxeda and Springfield Public Schools. Tom also served on the School Board and the City Council, representing Zone 2 from 2016 to 2019.
“The museum has contributed so much to our community for nearly 100 years,” Tom Prater said. “This campaign will elevate the museum’s education, exhibition, and outreach efforts for another 100 years. We’re thrilled to be a part of it and invite the community to join us in supporting the museum’s 2028 Campaign.”
For more information about the Springfield Art Museum’s $25 million expansion and renovation, visit their website.
