Deadline to file for an Endow Kentucky tax credit is June 30. New credits available July 1 each year.
What is Endow Kentucky?
The Endow Kentucky tax credit is available to any Kentucky taxpayer, business or individual, to receive a state tax credit up to 20% of their charitable gift to a permanent endowment at Central Kentucky Community Foundation. The credit is in addition to the normal federal deduction for a charitable gift. This credit is up to $10,000 per taxpayer per year (20% of a $50,000 charitable gift).
Gifts may be made to existing endowment funds or you may start a new fund to support an organization or cause you care about. We can help you identify opportunities in the community which can benefit from your generosity.
There are only $1 million in credits available statewide annually, so contact us today and we can help you take advantage of this tax savings.
What gifts qualify?
Gifts can be cash, appreciated stock, mutual funds, or similar assets, and must be made to a certified community foundation, such as Central Kentucky Community Foundation. You may give any amount up to $50,000 to an existing endowment. You also have the option to start a new endowment fund. Endow Kentucky Funds must support Kentucky nonprofit organizations and community initiatives. Donors must apply and be approved for the tax credit before making the gift. Endow Ky Tax Credits cannot be applied to previously made gifs.
To determine the impact of a tax credit, talk with your financial advisor or accountant.
What is the Endow Kentucky process?
It is very simple!
Before making a gift, Central Kentucky Community Foundation, on behalf of the donor, will file an application with the Kentucky Department of Revenue for preliminary approval of the intended charitable gift. If approved, the Department of Revenue will issue a preliminary approval letter.
Within 30 days of receiving the preliminary approval letter, the donor must make the endowed gift to Central Kentucky Community Foundation.
Within 10 days of making the gift, Central Kentucky Community Foundation will submit proof of the gift to the Department of Revenue and the Department will issue a letter of final approval for the donor to use in preparing their tax return.
How is Central Kentucky Community Foundation involved in Endow Kentucky?
Only certified community foundations are eligible to offer the Endow Kentucky Tax Credit. Central Kentucky Community Foundation has been approved as a qualified community foundation to offer the Endow Kentucky Tax Credit.
Our existing endowed community funds
Bardstown Independent Schools Foundation
CASA – Court Appointed Special Advocates
Central Kentucky Community Foundation
Elizabethtown Community and Technical College Funds
Elizabethtown Education Foundation
Elizabethtown Police Foundation
Feeding America, Kentucky’s Heartland
First Christian Church Endowment Fund
First Presbyterian Legacy of Faith Fund
First Presbyterian Legacy of Faith Fund for Endow KY
First Presbyterian Legacy of Hope Fund
Friends of the Hardin County Animal Shelter
Grace Heartland Church Endowment Fund
Hardin County Public Library
Hardin County Habitat for Humanity
Hardin Memorial Health Foundation
Heels Together Endowment Fund
Helping Hand of Hope
Mission Hope for Kids
Nannette S. Johnston Impact Fund for Hardin County Schools
Nelson County Schools Foundation
St. James Catholic Church Endowment Fund
United Way of Central Kentucky
Valley Creek Baptist Church Designated Endowment Fund
Washington County Association for the Mentally Handicapped Legacy Fund
Want to see why endowment gifts are so important for the future of our community? Click here to access an endowment calculator and see the impact your gift can make in 20, 30, 40 years.