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Note 10 - Investments in Affordable Housing Partnerships
12 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Investments In Affordable Housing Partnerships [Text Block]

NOTE 10:         INVESTMENTS IN AFFORDABLE HOUSING PARTNERSHIPS

 

The Company has purchased investments in limited partnerships that were formed to operate low-income housing apartment complexes and single-family housing units throughout Missouri. The investments are accounted for under the proportional amortization method if certain conditions are met. The Company does not have the ability to exert significant influence over the partnerships. For a minimum fifteen-year compliance period, each partnership must adhere to affordable housing regulatory requirements in order to maintain the utilization of the tax credits. At December 31, 2020 and 2019, the net carrying values of the Company’s investments in these entities was $5,712,577 and $6,663,662, respectively, and are included in other assets on the Company’s Consolidated Balance Sheets.

 

The Company received total income tax credits of $1,056,493, $1,183,140 and $1,324,581 during 2020, 2019 and 2018, respectively. Amortization of the investment costs was $937,270, $1,041,863 and $1,120,363 during each of the fiscal years 2020, 2019 and 2018, respectively.