fbpx

< Back to Thought Leadership

Kentucky Nonprofit Assistance Fund

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.

shamrocks not-for-profit tips

3 Lucky Tips for Not-For-Profits to Avoid Bank Fraud

Trusted Insights from The National Bank of Indianapolis Nonprofit Services Team Not-for-profit organizations are increasingly falling victim to fraud, with a rising number of incidents and an ever-growing amount of money being lost. Fraudsters find it easy to target not-for-profits, as their publicly available 990s provide valuable information. Protecting your organization from such fraudulent activities […]

Learn More

Capital Efficiency Concepts: How to Evaluate Capital Purchases

Rising interest rates and historic inflation are impacting hospital purchasing decisions. Using capital efficiency concepts in making hospital purchasing plans is as important as ever. What is Capital Efficiency? Capital efficiency refers to how effectively a hospital deploys its resources to generate returns. In the context of fixed assets and software purchases, capital efficiency involves […]

Learn More
someone writing kentucky house bill 360 with a pen

Kentucky House Bill 360 – Pass-Through Entity Tax Proposal

By Amy Sandlin, CPA, Tax Senior Manager at Blue & Co. A pass-through entity tax proposal is currently making its way through the Kentucky General Assembly as part of a larger tax omnibus bill (Kentucky House Bill 360). The pass-through entity (PTE) tax provisions in the bill are intended to be retroactive to January 1, […]

Learn More