Endow Kentucky Tax Credit Toolkit
Blue Grass Community Foundation is here to help you navigate the Endow Kentucky Tax Credit process, whether you are:
- a nonprofit seeking ways to inform your donors;
- a professional advisor looking for information to pass on to your charitable clients; or
- a donor researching the program for your own tax benefit.
Download materials in our Endow Kentucky Tax Credit toolkit:
- The Endow Kentucky 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 the endowment fund name in Section J, and the donor signs and prints his or her name below Section J.
- An information sheet on the Endow Kentucky Tax Credit program with frequently asked questions.
- A list of eligible endowed funds at Blue Grass Community Foundation.
Additional information for nonprofits:
- A sample email to send to top endowment donor prospects
- Our recommended “Tips and Tricks” for success in promoting Endow Kentucky Tax Credits
Frequently Asked Questions
WHEN DO I NEED TO SUBMIT MY APPLICATION?
The Kentucky Department of Revenue will not accept applications until July 1. You may send your completed application to us before July 1 and we will submit it on your behalf on July 1.
HOW DO I SUBMIT MY APPLICATION?
Applications can be submitted via email, fax or hand delivery. Do not mail your application to the Department of Revenue. You can either send your application to us on or before July 1 and we will ensure it is properly submitted to the Kentucky Department of Revenue, or you can submit your application directly to the Department of Revenue beginning July 1.
WHEN WILL I KNOW IF MY APPLICATION WAS APPROVED?
The Department of Revenue will send an approval letter via certified email or mail to the address you entered on the application form within two to three weeks from the time you apply (after July 1).
IS THERE A MINIMUM CONTRIBUTION TO TAKE ADVANTAGE OF THE TAX CREDIT?
No, there is no minimum gift size to contribute to an endowment fund and qualify for a tax credit.
IS THERE A MAXIMUM CONTRIBUTION THAT I CAN GIVE?
Yes, the maximum gift allowed under the Endow Kentucky tax credit program is $50,000.
DO I SEND MY GIFT IN WITH MY APPLICATION?
No, do not not send in your gift until you receive approval from the Department of Revenue.
WHEN DO I NEED TO MAKE MY ENDOW KENTUCKY GIFT?
You must make your gift within 30 days of the date you receive your approval letter.
WHERE DO I SEND MY GIFT?
Send your check to BGCF. Make checks payable to Blue Grass Community Foundation and indicate the endowment fund to receive the gift in the check memo line.
CAN I CONTRIBUTE OTHER ASSETS?
Yes, you can contribute using publicly traded securities, life insurance policies, IRA qualified charitable distributions and real estate. Contact us to discuss a donation of complex assets.
CAN I GIVE TO MORE THAN ONE ENDOWMENT FUND?
Yes, however, you may only apply for the tax credit for a maximum gift of $50,000. Contact us if you would like to allocate your contribution toward multiple endowment funds.
WHICH ENDOWMENT FUNDS ARE ELIGIBLE TO RECEIVE TAX CREDIT GIFTS?
A list of endowment funds eligible to receive Endow Kentucky gifts can be found at www.bgcf.org/endowKY. Contact us if you would like to open your own endowment fund.
AM I GUARANTEED TO RECEIVE A 20% 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-served basis, with a maximum credit of 20%.