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PRESS RELEASEOffice of Missouri State
Treasurer |
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PRESS RELEASEOffice of Missouri State
Treasurer |
SPRINGFIELD Mo. -- Christmas came a few days early for some special Missourians. State Treasurer Sarah Steelman today kicked off a statewide initiative to give crucial help to Missouri’s foster children. The project, called BELIEVE, is a partnership between the Treasurer’s office and the citizens and organizations of the state to provide college savings accounts for these children – all at no cost to taxpayers.
Steelman, who oversees the state’s tax-preferred 529 college savings plan, called MOST, said the program was a gift for all Missourians.
“There are thousands of precious children in foster care in Missouri today,” Steelman said. “They are all special, they all were wondrously created and were given to us for a unique and important purposes. Today we have a new way to help them, to give them a way to fulfill their destinies, and a reason to hope.”
Bass Pro Shops appeared with Steelman at the launch, and were announced as BELIEVE’s first partners, having selected two foster children to sponsor, and will now work with the Treasurer’s office to set up MOST accounts for them.
“We believe in this program, and in the potential it holds for these foster children,” Bass Pro spokesman and Outdoor Educator Larry Whiteley said. “That’s why Bass Pro Shops is proud to be the first to join this program to help these at-risk foster children.”
BELIEVE is an acronym for Bringing Educational Leadership By Investing and Expecting Victory in Every Child, and Steelman says that is just what her program does.
“There is magic inside each of these kids. As a mother, I know that the key to a child’s success is belief in themselves.
“For most kids, it’s their parent who instills this confidence, but many foster children don’t have anyone who believes in them. When they turn 18, most of them have nowhere to go. This is a wonderful way for Missourians to truly make a difference in these children’s lives,” said Steelman.
Steelman said the response from Missouri businesses, churches, non-profit organizations, and individuals has already been overwhelming and that additional sponsors would be announced soon. She said the initiative really is as simple as a Missouri organization or individual working with her office to select one or more of Missouri’s foster children to sponsor, and then opening a MOST account for them.
Several foster children were expected to appear at the press conference as well as representatives from Boys and Girls Town of Missouri and the Missouri Baptist Children’s Home who are helping spread the word about the BELIEVE program. The Missouri Department of Social Services is working with the State Treasurer’s office to coordinate selection of the children.
Since 1999, Missouri has sponsored MOST, a tax-advantaged 529 college savings plan. Under this program, individuals and organizations can contribute up to $8,000 per year into an account for a designated child. The amount contributed up to $8,000 is not subject to state income tax. Federal law allows earnings on these accounts to be tax exempt as well, enhancing the program’s ability to help students and families for college.