The Endow Kentucky Tax Credit program allows donors to receive a charitable deduction AND a credit against Kentucky state income taxes. Contributions must be made to a permanent endowment fund managed by a qualified community foundation. KRC's endowment fund, the “Kentucky Resources Foundation,” is managed by Blue Grass Community Foundation (BGCF)
, and donations to our endowment are eligible for the Endow Kentucky tax credit. A pool of $1 million in tax credits is available to taxpayers through this program again this year on July 1.
Eligible donors will receive up to a 20% income tax credit (not to exceed $10,000).
What are the steps to receive the Endow Kentucky Tax Credit?
- Contact Kentucky Resources Council (firstname.lastname@example.org or 502-875-2428) for an application that is pre-filled with our endowment information.
- Complete the application and return it to KRC or BGCF as soon as possible before June 30th.
- After receiving your approved preliminary authorization letter from the Kentucky Department of Revenue, send a copy to us, or you can mail or fax a copy to BGCF.
- Within 30 days of receiving the approval letter from the Kentucky Department of Revenue, make a contribution to our endowment fund.
- Within 10 days of making the gift, BGCF will confirm the gift with the Department of Revenue, which will then issue you a final approval letter.
How and when do I submit my Endow Kentucky Tax Credit Application?
The Kentucky Department of Revenue will accept applications beginning July 1, 2023 and until the $1 million tax credit pool is exhausted. The easiest way to submit your application is to email it to the Kentucky Resources Council before June 30. We will ensure that it is properly submitted to the BGCF and the Kentucky Department of Revenue on your behalf on July 1. Applications can also be submitted directly to BGCF or the Kentucky Department of Revenue via email, fax, or hand-delivery. DO NOT send your application to the Department of Revenue prior to July 1. It will not be accepted.
Is there a minimum or maximum contribution to qualify?
There is no minimum gift to qualify for the tax credit. The maximum gift allowed under the Endow Kentucky Tax Credit Program is $50,000. There is no maximum gift limitation for the KRC endowment itself.
When will I know if my application was approved?
The Department of Revenue will send you an approval letter via email or certified mail within three weeks from the time you apply (after July 1).
Do I send my gift in with my application?
No, do not send the gift until you receive approval from the Department of Revenue.
When do I need to make my gift?
You must make your gift within 30 days of the date you receive your approval letter from the Department of Revenue.
Where do I send my gift?
Make checks payable to BGCF and make sure to list “Kentucky Resources Foundation” in the check memo line.
Once you receive your approval letter, send your gift directly to:
499 East High Street, Suite 112
Lexington, KY 40507.
Am I guaranteed to receive a 20% tax credit?
All applications received between July 1 and July 7 will receive a prorated portion of the credit pool, with a maximum credit of 20%. Any remaining credits will be allocated on a first come, first service basis, with a maximum credit of 20%.
Where can I get help with my application?
Contact Donna Counts at email@example.com or call KRC at 502-875-2428.
BGCF staff is also available to assist.
Call 859-225-3343 or email any of the following:
Scott Fitzpatrick (firstname.lastname@example.org)
Halee Cunningham (email@example.com)
Lisa Adkins (firstname.lastname@example.org)