Blessing Hands Endowment Fund
Two donors are giving $50,000 to establish a permanent endowment fund for Blessing Hands with the Blue Grass Community Foundation in Lexington, KY.
http://bgcf.org/learn/nonprofit-services/ is the website of the Community Foundation. The fund is designed to insure the future stability of Blessing Hands.
The endowment will give a percentage of the investment income (up to 5%) to Blessing Hands each year while the principal is allowed to remain or grow. There is no fee for establishing the fund and no yearly fee at the level the fund is funded. Tax reports and management of the fund will be the responsibility of the Blue Grass Community Foundation, which can accept a wide range of contributions including land, stocks, retirement funds and other items besides cash.
The State of Kentucky gives a State Tax Credit up to 20% of contributions to permanently endowed funds like ours, (not to exceed a $10,000 credit per taxpayer). For example: If you give a $25,000 gift to an endowed fund at a Kentucky community foundation, you could get up to a $5,000 state tax credit! To receive the maximum credit allowed by the program, you could give a $50,000 gift for the benefit of Blessing Hands.
Anyone can add to this fund on behalf of Blessing Hands. Those donations need to be given this July to take advantage of this year's state quota of tax credits before they are all used up by other endowment donors. The tax credits can be spread out over several years.
We also encourage you to give to a donor advised fund called Blessing Fund that was also set up at the Blue Grass Foundation. The Blessing Fund will accept contributions by donors who want to give to Blessing Hands without giving to the endowment fund. All the money in that fund can be spent without restrictions.
Blessings come to those who give.
Betty Cutts