News & Event
(CINCINNATI—May 10, 2017) The Greater Cincinnati Foundation works with Kentucky taxpayers on the Endow Kentucky program. The Endow Kentucky Tax Credit enables any Kentucky taxpayer (business or individual) to receive a state tax credit of up to 20% of a charitable gift to a permanent endowment fund at a local community foundation that benefits any Kentucky charity ( tax credit limit: $10,000 per taxpayer).
Unlike a tax deduction, a credit is taken off the tax bill dollar for dollar. So, if a donor has a Kentucky tax bill of $1,000, a donation of $5,000 through Endow Kentucky would eliminate that tax altogether (20% of $5,000 is $1,000). Federal and State charitable tax deductions are still available, and the tax credit can be carried forward for up to 5 years.
In 2017, $1,000,000 in tax credits are available beginning July 1, 2017, through June 30, 2018. Note that tax credits may be depleted in the first few weeks of July. Applications for fiscal year 2018, (which begins July 1, 2017) will be accepted through June 30, 2018, or until the credits run out, whichever comes first.
Gifts can be cash or appreciated stock, and must be made to a qualified community foundation, such as The Greater Cincinnati Foundation (GCF). Donors may also create a new endowment fund. Endowed funds are permanent funds which provide annual support to the named organization.
CINCINNATI (May 23, 2016) — Are you a Kentucky taxpayer?
Beginning July 1, the Commonwealth will again offer the Endow Kentucky Tax Credit to individuals and businesses that pay Kentucky taxes. This year, the available tax credits have doubled to $1,000,000.
Endow Kentucky Tax Credit is a state tax credit of up to 20 percent of charitable gifts to endowed funds at a qualified community foundation, such as The Greater Cincinnati Foundation, for the benefit of Kentucky-based nonprofit organizations. (Maximum tax credit: $10,000 per individual or $20,000 per married couple.) The tax credit can be carried over for five years.
Your gift to The Northern Kentucky Fund of The Greater Cincinnati Foundation or to any other endowed GCF fund benefiting Kentucky nonprofits (see more below), including endowments you may establish to support your favorite organizations, may be eligible for this tax credit. Additionally, federal and state tax deductions are also available for these gifts.
GCF endowed funds are market-invested, permanent funds from which a distribution is directed every year, in perpetuity, to the selected beneficiary nonprofit. By supporting an endowment, your gift creates a permanent source of funding for that organization.
A short half-page application for these tax credits is required. Because we expect the cap will again be reached on the first day, you are encouraged to apply on July 1, 2016.
For more information on this tax credit and assistance with the application, contact Laura Menge at 513-768-6170 or firstname.lastname@example.org.
Get the full details of the Endow Kentucky Tax Credit [PDF]
In addition to The Northern Kentucky Fund, which supports nonprofits doing critical work in Boone, Campbell, and Kenton counties, The Greater Cincinnati Foundation manages many donor-created endowments. Among them are funds that benefit:
A gift of any size to these endowments may be eligible for the Endow Kentucky Tax Credit.
"We love Endow Kentucky because we can make gifts that will last and have an impact on Northern Kentucky for a long time. The state tax credit to incentivize these gifts is so helpful in building support for important organizations in our community. It's a win-win." — Jordan and Lauren Huizenga, Covington residents who support Children, Inc. through a GCF endowment
The Commonwealth of Kentucky offers a tax-smart way for Kentucky income taxpayers — both individuals and businesses — to provide sustained support to their favorite Bluegrass-based nonprofit organizations, including schools and religious institutions. The Endow Kentucky Tax Credit enables them to receive a state tax credit of up to 20 percent of a charitable gift to an endowment for any Kentucky nonprofit at a qualified community foundation such as Greater Cincinnati Foundation (GCF).
The window for applying for the 2020 fiscal year tax credits opens on July 1, but it’s a brief opportunity. The $1,000,000 in tax credits available statewide will again likely all be claimed in the first week, so it’s imperative to submit the application to the Kentucky Department of Revenue before July 7.
Since 2011, GCF has helped many of our Northern Kentucky donors secure the Endow Kentucky tax credit. Their gifts, totaling $4.3 million, have benefited 24 GCF endowments that permanently support Kentucky nonprofits, including:
Alliance for Catholic Urban Education
Donors also leverage the tax credit to support The Northern Kentucky Fund, GCF’s unrestricted endowment that provides ongoing grants in Kenton, Campbell and Boone counties.
The tax credit — taken off the donor’s tax bill dollar-for-dollar — is up to $10,000 per taxpayer, or $20,000 per married couple filing jointly. And state and federal tax deductions for the charitable gifts still apply. Gifts may be either cash or stock; long-term, appreciated stock gifts offer even greater tax savings. As always, consult your tax advisor for information specific to your situation.
It’s important to note that this isn’t just a tax credit for major gifts — donations of any size contribute to the lasting impact of endowed funds while simultaneously reducing your Kentucky income tax payment.
Contact your experienced staff members at GCF to further discuss the Endow Kentucky Tax Credit. Laura Menge, Philanthropic Advisor, can help you plan a qualifying gift (513-768-6170 or email@example.com).
CINCINNATI (May 6, 2016) — The following are links to media stories about The Greater Cincinnati Foundation and its work in the community.
One of the nation’s leading community foundations, The Greater Cincinnati Foundation helps people make the most of their giving to build a better community. We believe in the power of philanthropy to change the lives of people and communities. As a community foundation, GCF creates a prosperous Greater Cincinnati by investing in thriving people and vibrant places. An effective steward of the community’s charitable resources since 1963, the Foundation inspires philanthropy in eight counties in Ohio, Kentucky, and Indiana. At the end of 2015, GCF had net assets of $533 million.
Among the investments were three grants to Vision 2015, one of our “backbone” organizations that GCF supports through our five-year Collective Impact initiative. Serving as catalysts for change, these organizations work together across sectors and across the region to address resource gaps and fuel the implementation of strategies that work. Focused on growth in Northern Kentucky, Vision 2015 is a shared public plan that represents the region’s priorities and contains specific action steps to achieve the region’s goals and to measure the impact of those goals.
Three grants: $75,000 to support operating expenses; $15,000 to fund the Northern Kentucky One to One: Practicing Reading with Students; and $30,000 to advance the website development and innovation lab of the Uptech Business Accelerator in Northern Kentucky.
The Devou Cup honors the generosity of Northern Kentuckians who make a profound difference in the quality of community life, now and into the future. Named for 19th century philanthropist William Devou, the Cup has been awarded to exemplary philanthropic leaders since 2004.
The list of Frank’s and Pat’s professional, civic, and philanthropic leadership roles in Northern Kentucky is as prestigious as it is long. Prior to being a business professor at Thomas More College, Pat consulted to organizations on mission development, strategic planning, job design, and program development. Frank was the first chair of Forward Quest (the predecessor to Vision 2015). He helped build a common agenda and road map for Northern Kentucky, leading it to become one of the first communities to embrace the value of regional vision. The Northern Kentucky Fund of GCF – an endowment created for the permanent philanthropic support of nonprofit organizations in Kenton, Campbell, and Boone counties – is proud to be a legacy of Forward Quest and was fortunate to count the Sommerkamps among its earliest supporters.
After graduating from Thomas More College, Pat began her career as a biology teacher at Covington Catholic High School. From that beginning, she obtained masters and doctorate degrees in education and helped shape many of the region’s education initiatives. Pat was elected the first President of the Kentucky Science Teachers Association, directed Institutional Advancement at Thomas More, and led several education and training programs at General Electric (GE) Aircraft Engines. At GE, she collaborated with the University of Cincinnati’s College of Engineering to design and implement the nation’s first masters of engineering in manufacturing program, for which she earned a GE Management Award. Many awards followed, including Outstanding Women of Northern Kentucky and YWCA Career Women of Achievement honors. The Enquirer named her Woman of the Year and Thomas More alumni presented her with the Lasting Influence Award. Pat served on the Northern Kentucky Chamber’s Education/Legislative Task Force and the Judges Panel for the Scripps Howard Foundation’s scholarship program. She now chairs the Northern Kentucky Water District Board of Commissioners.
Frank retired as Vice President of Government Affairs at Cincinnati Bell, working more than four decades with the company and with AT&T. He is as well known for his regional and philanthropic leadership as he is for his business talent. His past chairmanships span industries and decades, from Forward Quest to the Thomas More College Board of Trustees, the Northern Kentucky United Way Campaign, Greater Cincinnati Convention and Visitors Bureau, Northern Kentucky Convention and Visitors Bureau, Covington Rotary Club, Kenton County Airport (board vice chair), and the Northern Kentucky Chamber of Commerce. Frank has served on the Crestview Hills City Council for 16 years and currently helps with fundraising efforts for Covington Catholic High School, Thomas More College, and the St. Elizabeth Healthcare Foundation. He graduated from Xavier University, where he also earned a masters in business administration.
Frank and Pat have been married for 61 years and have three children: Daria Nantista, a workers compensation nurse at Parsec Inc. in Cincinnati; Tara Santry, a vice president at Staples in New Jersey; and Dr. Greg Sommerkamp, a hand surgeon in Crestview Hills. They also have ten grandchildren and one great grandchild.
The Northern Kentucky Fund of the Greater Cincinnati Foundation is celebrating its 20th anniversary with Impact Grants totaling $125,000 for workforce development efforts in Northern Kentucky.
“These Impact Grants reflect our continued commitment to invest significantly in Northern Kentucky,” said Ellen M. Katz, President & CEO of the Greater Cincinnati Foundation (GCF). “These grants, which represent a key targeted investment, align with GCF’s grantmaking strategy. By concentrating our investments in supporting Economic Mobility and Housing Stability across our region, GCF is deeply committed to ensuring that everyone in our community can thrive. Workforce development is an integral part of that mission.”
The grants have been awarded to:
In partnership with the Charles H. Dater Foundation and donors, GCF also recently issued a record 39 “Learning Links” grants, totaling $35,642, to schools in Boone, Campbell and Kenton counties.
The Greater Cincinnati Foundation and its donors have granted $40 million to Northern Kentucky organizations since the Northern Kentucky Fund’s launch in 1998.
About the Greater Cincinnati Foundation
As the region’s leading community foundation, the Greater Cincinnati Foundation connects people with purpose in an eight-county region in Ohio, Kentucky and Indiana. GCF is leading the charge toward a more vibrant Greater Cincinnati for everyone – now, and for generations to come. As of 2017, GCF is the 35th largest U.S. community foundation with net assets of $649 million.
720 E. Pete Rose Way,
Cincinnati, OH 45202
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