There has never been a better time to make a long term investment in your community and the causes you care about the most.
Thanks to the Endow Kentucky Tax Credit, businesses and individuals are now eligible to receive substantial state tax credits for gifts to endowed charitable funds at the Foundation for Appalachian Kentucky and other accredited community foundations. Specifically designed to support permanent endowments at community foundations, donors receive a state tax credit of 20 percent of their gift in addition to their charitable tax deduction. It’s a win for everyone, especially our community.
Our local nonprofits, schools, churches and other charitable organizations provide some of the most essential services for people from all walks of life. They not only improve lives, but the quality of life for all of us. They need our support now more than ever.
It is especially in these difficult times that we should remember not only to give now, but to plan for the future stability of the causes we feel most strongly about. The Foundation for Appalachian Kentucky provides a permanent home for endowments not only for specific charitable organizations, but specific areas of interest such as education, housing, economic development efforts, and the arts. Income from endowments provides annual support for these charitable causes forever.
Endowments at the Community Foundation are carefully and prudently managed by our expert financial advisors, or donors have the option of using their own professional investment advisors. However they are managed, they are permanently endowed, forever. There is no better way to make a long-term difference in the quality of life for our children, our grandchildren, and the communities we love.
Unlike tax deductions, tax credits are taken off a donor’s tax bill dollar for dollar. A gift of $5,000 can eliminate a $1,000 state tax liability. A gift of $50,000 or more can eliminate a $10,000 state tax liability. And this tax credit can be carried forward for up to five years.
The Endow Kentucky Tax Credit is a great deal today, gifts to an endowment fund at the Community Foundation will ensure that the causes you believe in will continue to fulfill their missions forever.
Tax credits are limited and become available on July 1. To learn more about the Community Foundation and the Endow Kentucky Tax Credit, contact Gerry Roll or Kristin Collins at 606-439-1357 or email firstname.lastname@example.org.