Lake Area Foundation Certified
Yevette Haskins, Lake Area Foundation (LAF) Chair, and Donna Diaz, Executive Director, presented a copy of the community foundation's Council on Foundations National Standards documentation submittal to Commissioner Tony Wilder, Department for Local Government, for consideration by the Endow Kentucky Commission. On September 30, the commission approved LAF as the ninth certified community foundati...(MORE)
Tony Wilder, DLG Commissioner, Recognized for His Lead in Launching Endow Kentucky
Department for Local Government Commissioner, Tony Wilder, was cited for his lead in launching the Endow Kentucky program, taking an extraordinary interest in helping achieve its early success and promoting establishment of new funds. The department was charged with implementing the Endow Kentucky program. The awards were presented by KPI's executive director, Michael J. Hammons. The Kentucky ...(MORE)
Public Officials Receive Commonwealth Award
Rep. Fitz Steele and Sen. Brandon Smith with Gerry Roll, executive director of the Hazard Perry County Community Foundation. Senator Brandon Smith (R-Hazard) and Representative Fitz Steele (D-District 84) were cited for their extraordinary service in sponsoring and shepherding through the 2011 legislative session the “Endow Kentucky” legislation which provides a tax credit for new contribution...(MORE)
ENDOW KENTUCKY PROGRAMENDOW KENTUCKY
In an effort to increase philanthropic activity across the Commonwealth, the 2010 General Assembly passed Senate Bill 227 (KRS 147A.300) that provided for the establishment of the Endow Kentucky Program and Commission.
Endow Kentucky’s purpose is to enhance the quality of life for citizens of the Commonwealth through increased philanthropic activity by providing capital to new and existing citizen groups of the Commonwealth organized as community foundations; working to establish endowment funds that will address community needs; and to encourage individuals, businesses, and organizations to give to community foundations.
The Kentucky Philanthropy Initiative’s Transfer of Wealth LINK study clearly shows the intergenerational transfer of wealth that is taking place, and the difference that keeping these resources close to home through permanent endowments can make for a community’s future.
WHAT IS A COMMUNITY FOUNDATION?
A community foundation is a tax-exempt, nonprofit, autonomous, publicly supported, nonsectarian philanthropic institution with a long term goal of building permanent, named component funds established by many separate donors to carry out their charitable interests and for the broad-based charitable interest of and for the benefit of residents of a defined geographic area.
Adopted by the Community Foundations Leadership Team (3/3/08)
As part of the Endow Kentucky Initiative, the General Assembly authorized $1 million in state tax credits in each biennium for an endowment gift to permanent endowment funds of qualified community foundations. In order to be qualified, community foundations must be found to be in substantial compliance with the Council on Foundation’s national standards and certified by the Endow Kentucky Commission.
Applications for the tax credits, which are 20% of the value of the gift, with a $10,000 maximum tax credit, are available from the Revenue Department. The credit may be taken against individual income tax, corporation income tax and limited liability entity tax. Any approved tax credit that cannot be used by the taxpayer during a particular taxable year may be carried forward for use in a subsequent taxable year(s), for a period not to exceed five (5) years.
ENDOW KENTUCKY COMMISSION
Governor Steve Beshear appointed the following individuals to serve as members of the Endow Kentucky Commission:
Michael J. Hammons of Park Hills
Mark A. Campisano of Prospect
Wynn L. Radford, III of Hopkinsville
Arthur Salomon of Lexington
Anthony “Tony” Watkins of Benton
Michael W. Hobbs of Ashland
Jiten S. Shah of Owensboro
Gerry F. Roll of Busy
Jennifer L. Wethington of Bowling Green
Davette B. Swiney of Elizabethtown
CERTIFIED COMMUNITY FOUNDATIONSThe following Community Foundations are certified under the Endow Kentucky Commission:
Bluegrass Community Foundation LINK.
Community Foundation of Christian, Todd & Trigg Counties LINK
Foundation for Appalachian Kentucky LINK
Community Foundation of Louisville LINK
Community Foundation of West Kentucky LINK
Northern Kentucky Fund/Greater Cincinnati Foundation LINK
Foundation for the Tri-State Community LINK
Central Kentucky Community Foundation LINK
Lake Area Foundation LINK
The Appalachian Rural Development Philanthropy Initiative (ARDPI) is committed to helping the distressed counties of eastern Kentucky build the capacity to capture financial assets that will provide the long-term resources for community transformation. This work encourages citizen leaders to promote a culture of philanthropy and to create structures such as community foundations that will secure these assets for generations to come.
FOR MORE INFORMATION
Brushy Fork Institute http://www.berea.edu/brushy-fork-institute/ardpi/
Kentucky Philanthropy Initiative http://www.kyphilanthrophy.com/
Revenue Department http://revenue.ky.gov/forms/
|2011 KPI Commonwealth Awards (.pdf - 16 kb)|