Public awareness campaign to encourage establishing comunity endowment funds
The Kentucky Philanthropy Initiative in partnership with Insight Communications has launched a public awareness campaign, “Give Back Kentucky,” to encourage establishing – and growing – of community-based endowment funds around the state.
The Kentucky Philanthropy Initiative (KPI), which encourages “strategic philanthropy for the public good,” commissioned a Transfer of Wealth Kentucky report, released last year. The report showed that Kentucky – and the nation – is in a 50-year period in which great wealth will be transferred from one generation to another.
The intergenerational Transfer of Wealth (TOW) will be more than $700 billion in Kentucky, the report found. Every county in Kentucky is affected — and much of that wealth will transfer to out-of-state heirs.
KPI is a statewide advocacy group for philanthropic investment in Kentucky.
“Our public awareness campaign is aimed at encouraging wealth-builders to think of their communities as one of their heirs,” said Mike Philipps, chairman of KPI and president/CEO of the Scripps Howard Foundation. “KPI’s ambitious goal is to have an endowed fund connected to every one of Kentucky’s 120 counties.”
KPI’s chairman points out that if Kentucky – as other states have done – can capture just 5 percent of the $700 billion of the TOW into community funds, it would create endowments totaling $35 billion, in perpetuity. A 5 percent payout from those funds would mean $1.75 billion a year going back to good works in Kentucky communities.
“That’s private investment, making communities better,” says Philipps, “and decisions being made locally by local citizens and neighbors about priority needs in their hometowns.”
Keith Hall, sr. v.p. at INSIGHT and a member of the KPI board, agrees. “The Transfer of Wealth intelligence is incredibly meaningful and potentially impactful – if we can take full advantage of what it means for the Commonwealth.”
The campaign will also include radio PSAs, offered to outlets across the state, video for web sites, and print advertising.
Those interested in setting up endowed funds will be connected to the community foundation serving their area, if one exists. If there isn’t an existing community foundation, KPI will help connect potential donors to other sources, including those who can help establish a new fund.
“The additional advantage of this timing,” said Philipps, “is the new Endow Kentucky legislation which provides a tax credit for new contributions to endowed community funds.”
Potential donors should seek advice from their estate planners or financial advisors and contact the community foundation serving their home community.
News outlets interested in the PSAs can access them on YouTube:
Give Back No. 1
Give Back No. 2
Give Back No. 3
Search Our Philanthropy
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In order to motivate people to find their passion for helping, kNOwMORE Nonprofits provides current, informative and educational overviews of impactful nonprofits located throughout Kentucky, recognizing that without these nonprofits the health and stability of our communities would be at risk. kNOwMORE FUN is an special on-location feature highlighting nonprofit FUNdraisers and celebrations around the state of Kentucky.
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