By Jerry Seale
NKyTribune Intern
The Endow Kentucky tax credit program leveraged more than $15 million in new permanent charitable endowments across the commonwealth since its inception in 2010.
“I think it’s always exciting to see the impact the tax credits have had on philanthropy across the state,” said Gerry Roll, executive director of the Foundation for Appalachian Kentucky and a member of the Endow Kentucky Commission, during the 2015 Kentucky Summit on Philanthropy in Lexington.
Working meetings of the Endow Kentucky Commission, as well as the new Social Enterprise Alliance-Kentucky, were held as part of the Kentucky Summit on Philantropy in Lexington Tuesday and Wednesday. The programs are part of the work of the Kentucky Philanthropy Initiative which sponsors the summit, offered in partnership with the Federal Reserve Bank of Cleveland, Kosair Charities, and the UK College of Agriculture, Food and Environment.
Roll said the work of the Endow Kentucky Commission will have a tremendous impact on future generations.
“It’s the old proverb of planting the tree you’ll never sit under. But I think it’s incumbent upon us, as people in this commonwealth today, to do that for our children and grandchildren,” she said.
The commission convened during the two-day summit at Marriott Griffin Gate.
“The meeting just shows what we’re doing is working, and shows us once again there’s so much more to be done.”
Because of a high number of applicants for tax credits for donors, the amount of credits available for those donors decreased to 59 percent, meaning those who applied for tax credits would receive 59 percent of what they applied for, according to Harry Carver, special programs coordinator for the Kentucky Department for Local Government.
The commission also discussed asking the legislature for another increase in the tax credit pool, given the demand and the potential to grow endowments.
Tony Watkins, CEO of the Community Foundation of West Kentucky Inc., said Gov. Steve Beshear planned to increase funding in his next proposed budget. And Roll suggested commissioning research of commission’s progress to build a stronger case for increasing the pool.
The commission agreed to meet again during the first week of December, though a specific date was not set.
Michael J. Hammons of Park Hills is a member of the Endow Kentucky Commission and former executive director of the Kentucky Philanthropy Initiative. He is now Director of Advocacy for Children Inc.
Jerry Seale is a senior journalism major at the University of Kentucky.