The New Economics of Food Waste

Promoting and Advancing Petroleum Marketing, Retail Grocery, and Convenience Stores in West Virginia

Driving Local Business and Community Growth Across West Virginia

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OMEGA is a West Virginia-based organization dedicated to supporting and advancing the business interests of the state’s petroleum marketing, retail grocery, and convenience store industries.

As a network of over 225 locally owned businesses, OMEGA actively promotes cooperation, advocates for favorable legislation, and provides education and resources to its members. With over 50,000 employees, OMEGA members significantly contribute to the state’s economy, generating more than 10% of all state taxes and supporting local communities through scholarships, charitable donations, and civic involvement.

OMEGA is committed to fostering industry growth while serving West Virginians with essential services like fuel, food, and convenience.

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Your Essential Connection in West Virginia

OMEGA offers three types of membership: Convenience Store Members, Petroleum Marketer Members, and Grocer Members, all of which play a vital role in providing fuel, food, and essentials across West Virginia. As a liaison with state and national agencies, OMEGA works closely with organizations like NACS, PMAA, FMI, and the N.G.A. to advocate on behalf of its members.

We keep members informed through newsletters, legislative updates, an online resource hub, and educational seminars. Additional member benefits include access to the Encova Workers’ Compensation Discount Program and participation in our annual Trade Expo and fundraising efforts for children’s charities. OMEGA is here to support, advocate, and enhance the success of our industry members.

Recent amendments to the tax code provide the industry with new incentives to donate food that would otherwise be wasted, meaning there is a new economic motivation around decreasing food waste in our supply chains. At the TPA Supply Chain Conference (February 22 – 24) we’ll be looking deeper into the topic of food waste during the session, Technology, Taxes and the Economics of Food Waste. I took time to chat with co-founders Cohen and Roger Gordon beforehand to better understand the complexity of the issue.

By: Daniel Triot, Senior Director, FMI-GMA Trading Partner Alliance <img src="http://www.fmi.org/images/default-source/blog-images/calculator.jpg?sfvrsn=0" data-displaymode="Original" alt="Calculator" title="Calculator" style="float: right; margin-top: 5px; margin-bottom: 5px; margin-left: 10px;" /> Industry, government and consumers all are looking for a solution to the urgent problem of food waste. According to Barbara Cohen, co-founder of <a href="http://www.foodcowboy.com/">Food Cowboy</a>, every year, 44 million tons of food valued at over $60 billion is wasted after production and before reaching retailers.  But now, recent amendments to the tax code provide the industry with new incentives to donate food that would otherwise be wasted, meaning there is a new economic motivation around decreasing food waste in our supply chains. At the <a href="http://www.gmaonline.org/forms/meeting/Microsite/SupplyChain16">TPA Supply Chain Conference</a> (February 22 – 24) we’ll be looking deeper into the topic of food waste during the session, <a href="http://www.gmaonline.org/uploadFiles/1F6FD00000074F.filename.Unsaleables_Jazz_Session.pdf">Technology, Taxes and the Economics of Food Waste</a>. I took time to chat with co-founders Cohen and Roger Gordon beforehand to better understand the complexity of the issue.  They shared that along with the intrinsic benefit of reducing environmental hazards and hunger, there are tangible industry benefits to donating food. “Recent permanent changes to the tax code make it easier for the industry to benefit from enhanced tax deductions on food donated to charities. These changes provide for industry-wide tax savings of up to $6 billion a year for donating unsaleables,” said Gordon. Cohen continued to explain that the changes allow all businesses to be eligible for tax breaks and that fair market value (FMV) can now be calculated without regard to defects. “Businesses are able to deduct an additional amount equal to 50 percent of profits “lost” when they donate (the difference between the FMV and costs) from their taxable income (in addition to actual costs). The tax change also contained a special provision that triples the tax benefits for growers. Want to learn more about supply chain and food waste? Join us for the <a href="http://www.gmaonline.org/uploadFiles/1F6FD00000074F.filename.Unsaleables_Jazz_Session.pdf">Technology, Taxes and the Economics of Food Waste</a> session Wednesday, February 24 at 1:45 pm during the <a href="http://www.gmaonline.org/forms/meeting/Microsite/SupplyChain16">TPA Supply Chain Conference</a> and the discussion on social media using #TPASupplyChain.

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Supporting West Virginia Communities

OMEGA members play a vital role in West Virginia, supporting communities through substantial tax contributions and a wide-reaching presence across the state. With over 55% of the population living in border counties, our members are dedicated to serving both local and regional needs. Beyond business, we’re proud to give back, having contributed over $3.1 million to children’s charities since 2003, reflecting our commitment to making a positive difference.