Springfield Business Journal_2021-05-10

by Mike Cullinan · mcullinan@sbj.net A quartet of Springfield nonprofits are in the enviable po- sition of determining how best to utilize newly funded en- dowments totaling $4 million. An anonymous donation to Community Foundation of the Ozarks Inc announced last month will benefit The James River Basin Partnership, Ozark Greenways Inc., TrailSpring Inc. and Watershed Committee of the Ozarks. All four agen- cies are environmentally focused, ranging from outdoor recreation to preserving land and water resources in the Ozarks. The endowments will provide annual income for each nonprofit while maintaining and increasing the princi- pal amount in perpetuity, according to CFO. TrailSpring received the largest amount at $1.6 million. Ozark Greenways and Watershed Committee of the Ozarks were given roughly $1 million apiece, and $500,000 went to James River Ba- sin Partnership, nonprofit officials say. A specific amount of funding will be available annually to each recipient based on the spending policy approved by the CFO Board of Directors, which has been 4% in recent years, according to CFO spokesperson Aaron Scott. That equates to $40,000 for a $1 million endowment. While the nonprofits learned about the incoming funds a few weeks before the April 22 public announcement, the surprise of the donation hasn’t worn off, said Mary Kromrey, executive director of Ozark Greenways, which manages over 140 miles of multiuse trails in the area. “When you work in a nonprofit, it’s a dream to have an en- dowment fund with fu nds in it,” she said, noting the agency’s Nonprofits dream up uses for $4M in endowment See NONPROFITS on page 33 SMALL BUSINESS Four owners from varying industries, sizes and experiences answer five questions that apply to any small business. PAGE 9 $2.00 · SBJ.NET MAY 10-16, 2021 · VOL. 41, NO. 42 40 YEARS • YOUR BUSINESS AUTHORITY by Mike Cullinan · mcullinan@sbj.net Missouri’s transportation system is a step closer to accruing more than $450 million annually in additional funding. The boost hinges on state lawmakers approving a fuel tax increase. In late April, the Missouri House Transportation Commit- tee unanimously approved Senate Bill 262, moving the issue to the full House of Representatives. The legislation seeks to boost Mis- souri’s fuel tax rate for the first time since 1996, which at 17 cents per gallon, ranks 49th in the nation, of- ficials say. The tax increase would generate more than $450 million per year for the Missouri Department of Transportation to address roads and bridges. The bill sponsored by Senate President Pro Tem Dave Schatz, R-Sullivan, intends to address the state’s reported $825 million annual transportation funding shortfall. The Senate approved the leg- islation in March. It would increase the fuel tax by 2.5 cents annually for the next four years, reaching 29.5 cents by 2025. The Missouri Chamber of Commerce and Industry is among the bill’s supporters. “The leader of the Missouri Senate filed the bill,” said chamber President and CEO Dan Mehan. “That tells me what I need to know about how important it is in the Missouri Gen- eral Assembly. It’s just a question of whether we can get that one more vote.” The clock is ticking on the bill coming to a vote before the session ends May 14. Still, Mehan said he’s optimistic the measure will get to the House floor for debate. “It’s got better odds than we’ve ever had,” he said. “We’ve never been closer to having success in this area.” However, one local politician said he plans to vote no. “This bill is a relatively small tax increase, but it is a tax increase nonetheless,” said state Rep. Alex Riley, R-Springfield, via email. “We do need to invest more in our state’s infrastructure, but at a time when many of our neighbors are still trying to recover economically from the government-imposed shut- downs of the past year and gas prices have been spiking up- ward toward $3 a gallon since the Biden administration took power in January, it does not seem prudent to raise taxes on our hardworking citizens now.” Proponents are confident issue can pass before session ends Fuel tax awaits debate in House Dan Mehan : Fuel tax hike has better odds than ever at passing in the state legislature. Sean Thouvenot Missouri roads are “falling apart.” Mary Kromrey : A funded endowment is every nonprofit’s dream. See FUEL on page 17 $.17 per gal Low Fuel The state legislature is considering an increase to the Missouri fuel tax rate, which at 17 cents per gallon, is lower than any border states. However, its state-maintained highway system is larger than all of them. Sources: American Petroleum Institute, Federal Highway Administration CYNTHIA REEVES 29 cents per gallon 24 cents per gallon 27 cents per gallon 26 cents per gallon 17 cents per gallon 30 cents per gallon Nebraska 9,945 miles 24 cents per gallon Kansas 10,288 miles 52 cents per gallon Illinois 15,969 miles 20 cents per gallon Oklahoma 12,249 miles Arkansas 16,467 miles Tennessee 13,866 miles Kentucky 27,671 miles Missouri 33,832 miles Iowa 8,893 miles