Missouri State Treasurer Scott Fitzpatrick serves as Missouri’s Chief Financial Officer. The Treasurer protects taxpayer funds from fraud and abuse, safeguards more than $1 billion in Unclaimed Property, manages a small business and agriculture economic development program, and administers the state’s tax-advantaged education and disability savings plans.
The Office is comprised of approximately 50 employees, in four divisions.
PROTECTING MISSOURI TAXPAYERS
Banking and Investments
As Missouri’s Chief Financial Officer, Treasurer Fitzpatrick manages state revenue and investments while maintaining Missouri’s AAA bond rating (the highest rating issued by Standard & Poor’s, Moody’s, and Fitch Ratings). Missouri is one of the few states with the distinction of a triple-triple credit rating.
To accomplish this, his duties include:
- Authorizing payments and balancing accounts.
- Protecting taxpayer funds against fraud and abuse by utilizing the latest anti-fraud technology.
- Contracting with Missouri banks to process state receipts and disbursements; handling money and security transfers; reporting on the state’s accounts, balancing, and payment activities; providing related banking services.
- Determining the amount of state funds not needed for current operating expenses and investing those funds in interest-bearing time deposits in Missouri banks, U.S. Treasury and federal agency securities, repurchase agreements, commercial papers, and banker’s acceptances.
Treasurer Fitzpatrick is committed to a transparent and accountable administration. He maintains the Show-Me Checkbook, one of the most comprehensive state financial data portals in the country. In 2020, it was expanded to include local government expenditures. Citizens may also access investment returns, office policies, meeting minutes and other public information through this portal: at www.treasurer.mo.gov/content/about-the-office/open-government.
SUPPORTING MISSOURI SMALL BUSINESSES AND FARMS
The Missouri State Treasurer’s Office linked deposit program, Missouri FIRST, invests in Missouri small businesses and farms.
Through the program, the Office partners with qualified-lending institutions to provide low-interest loans to help grow and expand economic opportunity across Missouri. By reducing the interest rate on certain loans borrowers can use to improve their businesses, the program helps Missouri financial institutions better serve Missouri-based companies and agricultural operations. The program also provides funds for local governments to serve the interests of their constituents.
Borrowers can find a list with more than 130 participating lenders and 350 branches throughout Missouri. The application process takes about one week to complete. More information about the program is available at www.treasurer.mo.gov/content/low-interest-loans.
EMPOWERING INDIVIDUALS AND FAMILIES
MOST – Missouri’s 529 Education Plan
The State Treasurer administers MOST, Missouri’s 529 Education Plan. A 529 account is a tax-advantaged savings account for qualified education expenses. The MOST 529 Education Plan is designed to help families save for the costs of education, including K-12 tuition, and college, trade, or technical school tuition and expenses. New in 2021, Missourians can use 529 accounts to pay for expenses related to apprenticeships and up to $10,000 in student loan repayment. Federal and state tax benefits enhance the value of investing in the MOST 529 Plan.
Benefits of the program include:
- Opening an account with any amount and saving as you are able.
- Contributors to MOST 529 accounts can take a deduction for contributions of up to $8,000 per year per taxpayer ($16,000 for married filing jointly) from Missouri state income taxes.
- Contributions grow free from federal and Missouri income tax.
- Withdrawals used for qualified education expenses, including any earnings the investments may have yielded, are also exempt from federal and Missouri income taxes.
To open a MOST 529 account, call toll free: (888)414-MOST or visit www.missourimost.org.
MO ABLE – Tax-Free Savings Plan for Missourians with Disabilities
The State Treasurer also administers MO ABLE, a savings plan for Missourians with disabilities and their families. MO ABLE is designed to give individuals with special needs more independence and financial security by providing a flexible, secure, and accessible way to save for the future. Launched in 2017, MO ABLE allows participants to save up to $15,000 per year for use on qualified expenses such as education, healthcare, housing, transportation, and more.
Benefits of the program include:
- MO ABLE functions similarly to Missouri’s MOST 529 Education Plan. Missourians who contribute to MO ABLE Accounts will be eligible for a tax deduction of up to $16,000 if married and filing jointly.
- The funds in MO ABLE Accounts do not affect eligibility for federal programs like Medicaid and Supplemental Security Income (SSI).
- Earnings in MO ABLE Accounts are not subject to federal income tax, as long as funds are spent on qualified disability expenses.
- Account set up and enrollment can be accomplished online free of charge. An initial contribution of at least $25 is required to set up an account.
- Eligible individuals can learn more and sign up for an account at www.moable.com.
RETURNING YOUR MONEY
The State Treasurer is responsible for returning Missouri’s Unclaimed Property to rightful owners. Each year financial institutions, businesses, government agencies, and other organizations turn over millions of dollars in cash and the contents of safe deposit boxes to the Treasurer’s Office.
The Treasurer’s Office holds over 100 military medals and insignia. The Office maintains a separate database for these important heirlooms and encourages Missourians and military families to search the Treasurer’s website. Pictures are paired with the names and last known addresses of the safe deposit box owners in which the medals and insignia were found. This information is available at: https://treasurer.mo.gov/Military/AllMedals.aspx.
The Treasurer’s Office currently holds more than $1 billion in unclaimed assets. One in ten Missourians has Unclaimed Property and the average return is approximately $300. Individuals can search the Treasurer’s database at www.ShowMeMoney.com for Unclaimed Property 24/7. Many claims can be completed paperlessly. The Treasurer’s Office does not charge to return Unclaimed Property.