Horizon Community Funds of Northern Kentucky has announced a new fund with Covington Partners.
“Covington Partners touches such critical pieces of students’ lives,” said Horizon Community Funds President Nancy Grayson. “Each additional dollar raised, and each donor connected to their work, is a huge win for Northern Kentucky. We look forward to plugging them into our networks, and we invite the community to join us in supporting Covington Partners’ successful, impactful strategies for students.”
Longtime Northern Kentucky community leaders Chuck and Julie Geisen Scheper helped to spearhead the fund, citing the nonprofit’s use of best practices and strong collaborations to strengthen student success.
Their commitment to the fund is made as the Northern Kentucky region prepares for the annual allotment of Endow Kentucky Tax Credits to open on July 1, 2021. A total of $1 million is available in credits, but is shared across the Commonwealth, underscoring the need for local donors to act fast in submitting their applications to take advantage of the incentive, as the credits are expected to be used up within a matter of days.
“We are excited about the future of Covington Partners and how our programming will continue to serve the individual needs of our students and families as they recover from the global pandemic,” said Covington Partners Executive Director Stacie Strotman. “We have amazing students who just need additional support to be successful in school and in life.”
Fund partnerships provide a flexible way for donors to support their preferred nonprofit organization or charitable effort. Donors can make an endowed gift to support the mission of the Covington Partners for generations to come, or can opt to make a non-endowed gift which provides funding for needs as they arise.
To successfully apply for the Endow Kentucky Tax Credit and support the mission of Covington Partners, please complete the following steps:
- File an application for preliminary authorization of the tax credit with the Kentucky Department of Revenue by July 1, 2021. An application can be downloaded HERE. Please add "Covington Partners" to line J of the form.
- After completing the approved preliminary authorization form, please email a copy to Nancy Grayson (ngrayson@horizonfunds.org) no later than July 1, 2021. Please keep a copy for your records.
- Within 30 days of receiving the approval letter from the Kentucky Department of Revenue, you must make the contribution to the Covington Partners Fund at Horizon Community Funds of Northern Kentucky. (Donations must be made through Horizon Community Funds in order to receive the tax credit.)
- Within 10 days of making the gift, Horizon Community Funds of Northern Kentucky will send proof of the gift to the Kentucky Department of Revenue by filing the Notice of Endow Kentucky Tax Credit and Certification form. The Department of Revenue will then review the provided proof and issue a letter of final approval to you as the donor.
For more information about the Endow Kentucky Tax Credit program, visit Horizon Community Funds or call Nancy Grayson at 859.757.1552.
*Gifts to endowed charitable funds are eligible for up to 20% in state tax credits. The tax credit (up to $10,000 per taxpayer; $20,000 per married couple filing jointly) may be taken against individual income tax, corporation income tax, or limited liability income tax. The tax credit is taken off the state tax bill dollar-for-dollar, and federal and state tax deductions still apply.