Gifts to endowed charitable funds at Blue Grass Community Foundation are eligible for up to 20% in state tax credits. Only gifts to endowment funds at accredited community foundations qualify for this tax credit.
Unlike tax deductions, tax credits are subtracted from a donor’s tax bill, dollar for dollar. A gift of $5,000 can reduce what you owe in state taxes by $1,000. A gift of $50,000 can reduce your tax bill by $10,000. And this is in addition to your federal and state charitable tax deduction.
But these credits go fast! The Kentucky Department of Revenue begins accepting applications for the $1 million pool of available Endow Kentucky Tax Credits on July 1. All applications submitted between July 1 and July 7 are guaranteed to receive at least a prorated portion.
Click here for a list of nonprofit and community endowments held at BGCF. You may apply for a tax credit on a gift to any one of these funds, or to your own endowed fund established at BGCF.
An endowment’s income provides annual support for charities and charitable causes in perpetuity. A gift to an endowment fund is an investment in today and tomorrow.
Whether it’s supporting an existing endowment at Blue Grass Community Foundation or creating one of your own, we can help, every step of the way. For more information, contact Scott Fitzpatrick, Halee Cunningham, or Jane Higgins, or call us at 859.225.3343.
Celebrated philanthropist Lucille Little was passionate about the arts. All told, Mrs. Little awarded over $50 million to nonprofits in Fayette, Rowan and Elliott Counties.
Read More