147A.320 Capacity building grant program -- Challenge grant program --
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/ky/147a-320A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Administrative regulations -- Annual report.
(1)The Department for Local Government may:
(a)Establish a capacity building grant program, through which it may provide
qualified community foundations, county-specific component funds, and
affiliate community foundations with grants from the fund for the purpose of
developing and enhancing the receiving foundation's capacity to operate and
execute its mission, subject to the following restrictions:
1. No qualified community foundation, county-specific component fund, or
affiliate community foundation may receive more than one
(1)capacity
building grant during any fiscal year;
2. No single capacity building grant shall exceed fifty thousand dollars
($50,000); and
3. At least forty percent (40%) of funds awarded as capacity building
grants shall be provided to newly established or emerging qualified
community foundations, county-specific component funds, or affiliate
community foundations that specifically seek to address the needs of
rural areas of the Commonwealth;
(b)Establish a challenge grant program, through which it may provide qualified
community foundations, county-specific component funds, and affiliate
community foundations with grants from the fund for the purpose of building
community-based unrestricted endowment funds by encouraging individuals,
businesses, and other organizations to provide endowment gifts, subject to the
following restrictions:
1. No qualified community foundation, county-specific component fund, or
affiliate community foundation may receive more than one
(1)challenge
grant during any fiscal year;
2. Challenge grants may be provided in amounts not to exceed fifty percent
(50%) of the amount of privately donated endowment gifts provided to
the receiving qualified community foundation, county-specific
component fund, or affiliate community foundation during the one
year period preceding the grant award. However, no single challenge
grant shall exceed five hundred thousand dollars ($500,000); and
3. At least forty percent (40%) of funds awarded as challenge grants shall
be provided to newly established or emerging qualified community
foundations, county-specific component funds, or affiliate community
foundations that specifically seek to address the needs of rural areas of
the Commonwealth; and
(c)Promulgate administrative regulations in accordance with KRS Chapter 13A
to administer this section.
(2)Upon the establishment of any grant program under this section, the Department for
Local Government shall provide an annual report to the commission, which shall
include:
(a)The total number of grant requests submitted during the year, along with the
amount of funds requested and the identity of the foundation making the
request; and
(b)Information regarding all grants actually awarded during the year.