DED awards $350,000 in tax credits to El Dorado Springs non-profit organization

The Missouri Department of Economic Development has announced that an El Dorado Springs not-for-profit organization has been approved for tax credits under the Neighborhood Assistance Program.

El Do Youth Center, El Dorado Springs, has been approved for $350,000 in NAP tax credits. El Do Youth Incorporated will utilize the NAP tax credits to renovate a 4,000-square-foot historic structure and construct a 7,200-square-foot addition that will be used as a youth center. The services provided at this facility will include organized weekend programs for middle school students, an afterschool latch key program and basic computer classes.

The DED administers the Neighborhood Assistance Program that helps not-for-profit organizations raise private-sector funds by providing partial state tax credits to businesses that make contributions to approved community improvement projects.

Businesses can donate cash, materials, supplies or equipment; technical assistance and professional services; labor; real estate; or stocks and bonds. Credits can equal up to 50 percent of the total amount contributed or up to 70 percent for projects located in most rural areas.

Not-for-profit organizations participating in the NAP program conduct capital campaigns or provide services in the areas of crime prevention, education, job training, physical revitalizations, or community services. The Neighborhood Assistance Program is utilized by not-for-profit organizations throughout Missouri to make their communities a more desirable place to live and work, as well as pave the way for economic development.