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Kentucky Philanthropy elects Al Rider chair; to hold Summit in NKY, release updated Transfer of Wealth

The Kentucky Philanthropy Initiative (KPI) Board of Directors elected former Central Kentucky Community Foundation CEO Al Rider of Elizabethtown as Chairman.

Rider’s election comes as KPI prepares for the 9th Annual Summit on Philanthropy, which will be held for the first time in Northern Kentucky at the Newport Aquarium on August 29-30.

Known as “Mr. Education” in Hardin County, Rider has held numerous local, regional and state leadership roles during his long career and is regarded as a catalyst for the development and implementation of ideas for change that have improved the quality of life in his community. His experience in establishing a new community foundation and advancing policies that harness the power of philanthropy will be an invaluable asset to KPI’s ongoing work.

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“KPI’s Board is fortunate to have Al Rider and its helm,” said KPI president Joe Clabes. “His passion for Kentucky and its communities and his invaluable perspective will serve our mission well.”

Rider’s election comes at an important time for KPI, which commissioned a 2017 study of Kentucky’s generational Transfer of Wealth. The original 2010 edition of this study identified more than $700 billion wealth transfer over the next 50 years.

Given the improved economic outlook nationally and Kentucky’s changing economic landscape, the 2017 edition of the study will provide an important insight into the overlooked wealth that Kentucky’s communities possess.

Data from the 2010 study was used to make the case for the Endow Kentucky Tax Credit, which has provided a 5 to 1 return resulting in approximately $20 million in contributions to endowed funds in Kentucky’s certified community foundations.

The 2017 data is expected to be just as impactful.

Results of the 2017 Transfer of Wealth Study will be released on August 30 during the 9th Annual Summit on Philanthropy, which will be held at Newport Aquarium in Northern Kentucky.

The two-day event will explore strategic approaches and innovative techniques that advance philanthropic goals, help nonprofits improve sustainability and create economic development opportunities for our communities. A variety of panel discussions and presentations will examine how to identify critical assets, recognize areas of greatest need and develop effective solutions.

Commonwealth Awards recognizing significant commitment to philanthropy will be presented at the luncheon on August 30.

“I am honored to be selected to Chair the Kentucky Philanthropy Initiative,“ said Rider. “These are important times in Kentucky, as we work to promote philanthropy’s role in addressing persistent challenges communities across the Commonwealth are facing. We are excited to convene the 2017 Summit in the Northern Kentucky area that is one of the most economically vibrant areas of the state.”

KPI was founded in 2009 to advocate for private strategic philanthropic investment in Kentucky. In 2010, KPI commissioned a transfer of wealth study, which identified an intergenerational wealth transfer of $707 billion over the next 50 years and was instrumental in the passage of the Endow Kentucky tax credit. As a result of this study and the Endow Kentucky tax credit, KPI launched the Give Back Kentucky campaign, encouraging Kentuckians to count our communities among their heirs. The campaign has a goal of capturing 5 percent of this wealth in the commonwealth’s certified community foundations for long-term economic development and quality of life of our communities.

KPI is developing programs to reach young people to develop a lifelong culture of giving back and grow a viable statewide network of advocates.

More information about KPI can be found at www.kyphilanthropy.com or “Like” the Kentucky Philanthropy Facebook page to stay connected.

From Kentucky Philanthropy Initiative

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