JEFFERSON CITY, Mo., July 11 -- The Missouri State Treasurer issued the following news release:
Missouri State Treasurer Clint Zweifel (ZWY-ful) joined the KIPP Victory Academy ribbon cutting ceremony to announce an exciting new partnership between MOST-Missouri's 529 College Savings Program and the KIPP school. Thanks to the work of community leaders like Maxine Clark and Bob Fox, MOST 529 accounts will be established with $50 for the benefit of up to 200 KIPP Victory Academy kindergarten and first grade students, getting them started on the path to a higher education.
"Today as we celebrate education from kindergarten through college, KIPP is working to inspire students to succeed every day, and the partnership between KIPP and MOST 529 will help these students move one step closer toward their higher education dreams," Treasurer Zweifel said. "Thanks to KIPP, Maxine Clark and Bob Fox, the kindergartners and first graders who begin attending the Victory Academy this fall will not only know they have teachers working to provide them the skills they need to be successful but also a community who is rooting for them along the way."
KIPP Victory Academy will open on August 7, welcoming approximately 200 kindergarteners and first graders. Eventually the school will expand to offer classes from kindergarten through fourth grade. This is the second KIPP School in the St. Louis area. KIPP Inspire Academy is currently enrolling students in grades five through eight.
"We believe that all of our children should have the opportunity for a high-quality K-12 education and a post high school/college education," said Maxine Clark, KIPP Board Chair and founder of Build-A-Bear Workshop. "Starting our young KIPPsters at KIPP Victory out with a MOST 529 account is a wonderful way to invest in their future, build great habits, teach about financial literacy and start them on their path to fulfill their potential as citizens and leaders in our community. "
This is the second scholarship partnership MOST 529 has formed with a St. Louis area non-profit. Beyond Housing is now entering the third year of its program offering scholarship accounts for kindergarteners in the Normandy Schools Collaborative.
"We know that even a small savings account can impact a child's decision to attend college," Treasurer Zweifel said. "The investments we are making in the children of this region and our state will shape the future for all of us. I am proud of the partnerships MOST 529 has worked to create in the St. Louis area and look forward to working with more groups across the state as we seek to ensure every child has access to a quality, affordable higher education."
More than $2 billion is invested in MOST 529 Direct Plan accounts by more than 129,000 account owners, both an all-time high. To learn more about MOST 529, visit MissouriMost.org or call 888-414-MOST (888-414-6678). The MOST 529 Plan offers federal and state tax benefits, low costs and flexible ways to contribute.
About MOST 529
State Treasurer Clint Zweifel sponsors MOST 529, a tax-advantaged program that enables families to save for a child's higher education. MOST 529 is an affordable, low-cost, tax-deferred way to save for higher education expenses. Investments in the plan can be used towards many qualified higher education expenses, including tuition, certain room and board expenses, books and mandatory fees at most four-year colleges and universities, many two-year institutions and vocational schools, and some schools abroad. In addition, savings in MOST 529 can be used towards associate's, bachelor's, and advanced degrees. Account owners may deduct up to $8,000 in contributions each year in computing their Missouri state income tax and married couples filing jointly may deduct up to $16,000 annually. Contributions to the Plan in a tax year are deductible from Missouri state income tax up to certain limits, but may be subject to recapture in subsequent years if you make a nonqualified withdrawal.
Investment returns are not guaranteed, and you could lose money by investing in the Plan.
Earnings on nonqualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. The availability of tax or other benefits may be contingent on meeting other requirements.
Investment objectives, risks, charges, expenses, and other important information are included in this document; read and consider it carefully before investing. Vanguard Marketing Corporation, Distributor and Underwriter.
If you are not a Missouri taxpayer, consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program.
The Missouri Higher Education Savings Program (the "Program Trust") is a trust created by the State of Missouri. When you invest in MOST--Missouri's 529 College Savings Plan (the "Plan"), you are purchasing portfolio units issued by the Program Trust. Portfolio units are municipal securities. The Plan has been implemented and is administered by the Missouri Higher Education Savings Program Board (the "Board"). Ascensus Broker Dealer Services, Inc., and Ascensus Investment Advisors, LLC, serve as the Program Manager and Recordkeeping and Servicing Agent, respectively, with overall responsibility for the day-to-day operations. The Vanguard Group, Inc., serves as Investment Manager for the Plan. Vanguard Marketing Corporation, an affiliate of The Vanguard Group, Inc., markets and distributes the Plan. The Plan's portfolios, although they invest in mutual funds, are not mutual funds.