Leverage the benefits of your charitable deduction by making a donation to an endowed fund at a qualified community foundation. For instance, if you make a contribution to an endowed fund sponsored by the Madison County Community Foundation, you have to ability to obtain a tax credit equal to 20% of your contribution up to a maximum credit of $10,000. In addition to the tax credit, you may be able to deduct 100% of the donation as an itemized deduction on your Federal and Kentucky tax return.
You may also establish and donate to an endowment fund designed specifically for a charitable purpose of your choosing.
If you are interested in more information about endowment funds sponsored by the Madison County Community Foundation, please contact an advisory board member at 859-225-3343. Advisory board members of the Madison Community Foundation include Jeff Fultz, Harry Moberly, Pat Ballinger, Mendi Goble, Ralph Hacker, Tracy Blevins and Bill Upchurch. Contact Bill Upchurch directly at 859-626-4970 for more information about how to qualify for this deduction and credit.
posted by Billy Upchurch, CPA/ABV/CFF, CFE, CVA