To insure that KRC's advocacy and defense programs you have helped to create will last long into the future, we have opened an endowment fund with Blue Grass Community Foundation. Endowment funds are designed to provide annual financial support to organizations forever.
Your gift to our endowment fund, the Kentucky Resources Foundation, can be rewarded with a great tax incentive: the Endow Kentucky Tax Credit. Individuals and businesses who pay taxes in Kentucky can receive a credit of up to 20% of the value of a gift made to endowed funds held at community foundations. Kentucky Resources Council’s endowment fund qualifies for this tax credit. $1 million in tax credits will become available on July 1 and are often gone in a matter of weeks, so now is the time to start planning. Blue Grass Community Foundation (BGCF) has prepared a great information sheet about this credit that we believe is helpful to anyone considering this initiative.
If you're ready to take advantage of this great tax incentive, there are several steps to complete:
- Fill out the Endow Application
- The donor completes sections A-G.
- In section F, the donor enters the amount of his or her intended gift (maximum gift through this program is $50,000).
- In section G, the amount entered is equal to 20% of the amount of the endowment gift.
- Enter your endowment fund name in Section J, and the donor signs and prints his or her name below Section J.
- Submit your application to KRC by emailing Amy Carpenter, Office Manager, at email@example.com or by mailing the office at PO Box 1070, Frankfort, KY 40602 by Thursday, June 27.
- KRC will turn in application to the BGCF and they will turn in all application to the Ky Department of Revenue on July 1.
- All applications approved by the KY Department of Revenue by July 7 will receive a credit of up to 20% of the value of the gift.
- After July 7, any remaining tax credits will be approved on a first-come, first-served basis.
- Within two weeks of submitting the application, the donor will receive a preliminary authorization form via certified mail confirming the amount of tax credit he or she will receive.
- This form should be forwarded to BGCF via mail, fax (859.243.0770) or email (firstname.lastname@example.org).ani
- Within 30 days of receiving the approval letter from the Department of Revenue, the donor must make the contribution to Kentucky Resources Council endowment fund at the Community Foundation.
- Within 10 days of receiving the gift, BGCF will send proof of the gift to the KY Department of Revenue.
- After the KY Department of Revenue has proof that the endowment gift has been made, the donor will receive a second letter from the KY Department of Revenue for tax purposes.
If you have any questions about the tax credit, or completing a tax credit application please contact Amy Carpenter, Office Manager, at email@example.com
BGCF is also available to assist. For more information about the Community Foundation or assistance in applying for the Endow Kentucky Tax Credit, email Scott Fitzpatrick (firstname.lastname@example.org
), Halee Cunningham (email@example.com
) or Lisa Adkins (firstname.lastname@example.org
), or call 859-225-3343.