The Springfield Art Museum announced was awarded $2 million in tax credits from the Missouri Development Finance Board (MDFB). The tax credits are designed to spur private investment in the museum’s transformative $25 million renovation and expansion.
Qualified individuals and corporations can receive a 50% Infrastructure Development Fund Tax Credit based upon their contribution (i.e., a $50,000 contribution receives a $25,000 tax credit). These tax credits can be used by the contributor 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 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.”
Contributors wishing to take advantage of the tax credit must make their contribution of cash or securities 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.
This announcement comes just two months after The Sunderland Foundation’s $5 Million lead gift to the 2028 Campaign – the largest gift in the museum’s history – and the near completion of both the Fassnight Creek naturalization and parking lot improvement projects. These projects were already successfully funded through public partnership and private investment and were critical first steps necessary to renovating and replacing museum buildings.
“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 museum director Nick Nelson. “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.”
“We are so proud to assist the museum with this incredible growth opportunity,” said Kimberley Prater. “As art collectors ourselves and as huge fans of the Springfield Art Museum, we are honored to serve.” Selections from the Prater’s large collection of contemporary ceramics were a part of the museum’s 2017-18 special exhibition Wonder Rooms: Ozark Collections.
“The museum has contributed so much to our community for nearly 100 years,” added Tom Prater. “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.”
In addition to their leadership support for the Springfield Art Museum, the Praters have actively rallied for 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, Springfield Daily Citizen, and Springfield Public Schools. Tom also served on City Council, representing Zone 2 from 2016 to 2019.
For more information about the museum’s $25 million expansion and renovation, visit: www.sgfmuseum.org/258/Museum-Master-Plan or contact Kate Francis, Museum Affairs Officer for Fundraising and Development at 417-874-2865 or firstname.lastname@example.org.
About the Springfield Art Museum
The Springfield Art Museum is Springfield, Missouri’s oldest cultural institution, founded in 1928. A department of the City of Springfield, the museum invites you to connect with the world, your community, and yourself through active engagement with art objects. For more information about the museum, please visit www.sgfmuseum.org.
About the Missouri Development Finance Board
The Missouri Development Finance Board (MDFB) mission is to assist infrastructure and economic development projects in Missouri by providing the critical component of the total financing for projects that have a high probability of success but are not feasible without the Board's assistance. MDFB was created by Missouri State Statute in 1982 as a body corporate and politic. MDFB has seven (7) employees and is comprised of twelve (12) voting members. Eight (8) are volunteer members appointed by the Governor and confirmed by the Senate. The Lieutenant Governor and Directors of the Departments of Economic Development, Agriculture, and Natural Resources serve as ex-officio voting members. For more information about the MDFB, visit: www.mdfb.org.