By: Allen Norvell, CPA, Director
The Kentucky Public Protection Cabinet has announced the application portal for the Nonprofit Assistance Fund will start accepting online applications beginning at 9:00 am EDT on Monday, August 1, 2022.
The Nonprofit Assistance Fund was created to provide one-time assistance payments to eligible nonprofit organizations that experienced net negative revenue between calendar year 2020 and 2021. This assistance is being made from a $75,000,000 appropriation from the State Fiscal Recovery Fund of the American Rescue Plan Act of 2021.
Nonprofit Assistance Fund Application Process
Applications will be processed on a first come, first served basis until funds are exhausted.
To receive funding, applicants must be qualified nonprofit organizations and meet the other eligibility criteria as referenced below.
More information can be found on-line at https://teamkynonprofitfund.ky.gov/
Additional information links include:
- Non-Profit Assistance program guidelines (Click Here).
- Sample Profit Loss Document (Click Here ).
- Sample Non-Profit Assistance Financial Filing Affidavit (Click Here ).
- Sample Non-Profit Assistance Federal Aid Affidavit (Click Here ).
Net Negative Revenue Difference
Net Negative Revenue Difference is defined as the difference between the organization’s revenue less expenses in calendar years 2020 and 2021. One critical takeaway from the program guidelines – net revenue can be higher in 2021 than in 2020 and the organization can still be eligible to receive assistance up to the maximum amount of $100,000.
Please contact your Blue & Co. advisor for more information or assistance with the calculation of Net Negative Revenue Difference as defined under the Program Guidelines.