$500,000 IN TAX CREDITS
Available July 1 - Plan Now
Limited-Time Opportunity, Prepare Application Now
Note: We anticipate these tax credits will be depleted within just a few days or weeks of becoming available. It's important that you contact the Community Foundation now to discuss your charitable plans and prepare your application in advance of July 1. We want to ensure you receive your tax credit. Contact the Foundation at 502.585.4649 or email@example.com.
What is the Endow Kentucky Tax Credit?
The Endow Kentucky Tax Credit enables any Kentucky taxpayer (business or individual) to receive a state tax credit of up to 20% of their charitable gift to a permanent endowment fund at their local community foundation (up to $10,000 per taxpayer). A total of $500,000 in tax credits has been allocated to this program. The next allocation for this limited-time opportunity starts July 1, 2013, and credits are available until they run out or June 30, 2014, whichever comes first. The last allocation of tax credits was depleted within just a few weeks, and we anticipate this allocation will be depleted even sooner.
What Gifts Qualify for the Endow KY Tax Credit?
Gifts can be cash or appreciated stock, and must be made to a qualified community foundation or affiliate foundation in Kentucky, such as The Community Foundation of Louisville and its affiliates. Donors may give any amount to an existing endowment at the Community Foundation, as long as grants support Kentucky nonprofit organizations. You also have the option to start a new endowment fund, including one that supports a rural county that is not currently served by a community foundation.
Tax credit vs. Tax deduction
What Does a Donor Do?
Before considering a gift for the Endow Kentucky Tax Credit, contact Steve Milburn at the Community Foundation of Louisville at 502.585.4649. If you are outside of Louisville or one of our affiliate foundations, refer to the list of certified community foundations.
Please consult your tax advisor before making this or any other charitable gift.
Overview of Application Process:
- Before making a gift, the donor must file an application with the KY Department of Revenue for preliminary approval of the intended charitable gift. If approved, the Department will issue a preliminary approval letter.
- Within 30 days of receiving the approval letter, the donor must make the contribution to the endowment fund at the Community Foundation.
- Within 10 days of making the gift, the donor must send proof of the gift to the Department, which will review the provided proof and issue a letter of final approval.
Jumpstart Your Nonprofit's Endowment
Are you a nonprofit looking for a way to grow—or start—your organization's endowment? Endow Kentucky is a great way to build your endowment program.
Maryhurst mailed a letter to its top 500 donors about the new Endow KY Tax Credit. Within just a few days, they had gifts for a new Maryhurst Endowment Fund totaling $32,000 and a commitment for a future gift of $20,000. Your organization might find such an effort to be an effective fundraising tool as well.
Contact the Community Foundation at 502.585.4649 to discuss your plans for making a gift that may qualify for the Endow Kentucky Tax Credit. Don't miss this opportunity to make a lasting commitment to your community and the causes you care about.