Did you know?
By making a gift to a new or existing permanent endowment fund at the Foundation for Appalachian Kentucky, you may qualify for a state tax credit in addition to your Federal tax deduction. This is a tax-wise way to create a lasting legacy and support Kentucky charities, counties or communities forever.
The Endow Kentucky Tax Credit Program makes tax benefits available to donors who give to endowments at the Foundation for Appalachian Kentucky. You may be eligible to receive a tax credit equaling up to 20% of your gift.
Endow Kentucky features a tax credit, which is different than a tax deduction. A tax deduction reduces your taxable income, so the value depends on your income tax bracket. A tax credit lowers your tax bill dollar for dollar, no matter your tax bracket.
This year, all applications submitted to the Kentucky Department of Revenue between July 1 and July 7 will receive a prorated portion of the Endow Kentucky State tax credit. Credits are available on a first-come, first-serve basis.
A tax credit lowers your tax bill dollar for dollar, no matter your tax bracket.
Application Instructions
- 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 the endowment fund name in Section J, and the donor signs and prints his or her name below Section J.
- Starting July 1, applications for the Kentucky Department of Revenue are open for submission. Prior to this date, you have the option to send your completed application to Kristin Collins at kristin@appalachianky.org to be submitted on your behalf. You can also submit the completed and signed form between July 1-July 7, 2024 directly to DORTaxCredits@ky.gov.
Approval timeline
Approval notifications are typically sent from the Kentucky Department of Revenue within three weeks after July 1.
donation information
To qualify for the tax credit under the Endow Kentucky program, there is no minimum contribution required, but the maximum allowable contribution is $50,000. It is crucial not to send your gift with your application; instead, wait for approval first. Once approved, your Endow Kentucky gift must be made within 30 days. Send your donation check to the Foundation for Appalachian Kentucky, specifying the endowment fund in the memo line. Contributions can be made using various assets like publicly traded securities, life insurance policies, IRA qualified charitable distributions, and real estate. While you can donate to multiple endowment funds, the tax credit is capped at $50,000.
Eligible endowment funds can be found by clicking the button below
How it works
