Tag Archives: Chuck Scheper

Make the Most of Your Generosity with Endow Kentucky Tax Credit

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Chuck Scheper and Julie Geisen Scheper used the Endow Kentucky Tax Credit to benefit Covington Partners.

By Suzanne Rohlfs, Director of Development and Professional Advisor Relations, The Greater Cincinnati Foundation

In my work at The Greater Cincinnati Foundation, I’m privileged to help generous people make the most of their giving. This is why I’m happy to share an upcoming opportunity in Northern Kentucky that benefits Kentucky taxpayers and makes the most of their generosity.

What is the Endow Kentucky Tax Credit?

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 (up to $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 for these gifts.

In 2016, $1,000,000 in tax credits are available beginning July 1, 2016, through June 30, 2017.

Limited time opportunity

Applications for fiscal year 2017, (which begins July 1, 2016) will be accepted through June 30, 2017, or until the credits run out, whichever comes first. Note that tax credits may be depleted in the first week of July, so I recommend applying on July 1, 2016.

What gifts qualify for the Endow Kentucky tax credit?

Gifts can be cash or appreciated stock, and must be made to a qualified community foundation, such as The Greater Cincinnati Foundation. Donors may also create a new endowment fund. Endowed funds are permanent funds which provide annual support to the named organization. The fund must benefit a Kentucky organization.

Jumpstart your nonprofit’s endowment

Are you part of a nonprofit looking for a way to grow or start your organization’s endowment? Endow Kentucky is a great way to build your endowment.

What our donors are saying

I asked Chuck Scheper why he and his wife, Julie Geisen Scheper, used Endow Kentucky in the past.

“My wife and I found setting up an Endow Kentucky fund to support one of our favorite charities, Covington Partners, was not only a very tax efficient way to go with both a tax deduction and the state tax credit, but it’s also comforting to know that we are setting up a legacy of giving to this organization for many years to come,”
-Chuck Scheper

Why a tax credit?

The Endow Kentucky Tax Credit is a response to a study that showed a substantial intergenerational transfer of wealth would occur in the next few decades and that many of these dollars would likely leave the state (often passed by parents to adult children who move away). Kentucky offers the tax credit as an incentive to keep charitable dollars in the state and to use them for the permanent support and long-term sustainability of Kentucky nonprofits.

Need help?

Suzanne RohlfsConsult your tax advisor for further information and additional tax advantages.

Contact Suzanne Rohlfs, Michele Carey, or Laura Menge at 513-241-2880 to discuss your plans for making a gift that may qualify for the Endow Kentucky Tax Credit.

Suzanne Rohlfs is the Director of Development and Professional Advisor Relations of The Greater Cincinnati Foundation.

 

 

Our Donors are Leaders in Greater Cincinnati

Chuck Scheper and Julie Geisen Scheper with second graders at John G. Carlisle Elementary in Covington. Chuck and Julie are GCF donors.Chuck Scheper and Julie Geisen Scheper with second graders at John G. Carlisle Elementary in Covington.

By Ellen M. Katz, President/CEO of The Greater Cincinnati Foundation

The Greater Cincinnati Foundation exists to leverage your generosity into solutions to problems you care about. Together we are able to create a more prosperous community.

“You don’t just want to write a check and feel good about it. You want to see improvement.”
Chuck Scheper. Read more of Chuck’s story.

We want to support you in determining how best to use your charitable resources.

“We decided to partner with GCF to support Withrow Dental Center because it is an innovative healthcare solution that has been proven successful.”
Jeff and Heather Spanbauer. Read more of this partnership.

A community foundation is developed by and for a community of people. Because of your generosity in 2014:

As you can see, helping you most effectively invest your charitable resources in the areas you are most passionate is the engine of our work.

“It was difficult for me, so I’d like to pass on the opportunity to someone from a similar background who is really eager to go to school and does not have the means to do it.”
Laura Harrison. Read more of Laura’s story.

Let’s find out how we can work together.

Ellen M. Katz is the CEO/President of The Greater Cincinnati Foundation.