Section 147A.320 - Capacity building grant program - Challenge grant program - 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); and3. 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 (1) year period preceding the grant award. However, no single challenge grant shall exceed five hundred thousand dollars ($500,000); and3. 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.Effective:7/15/2010
Created 2010, Ky. Acts ch. 71, sec. 5, effective7/15/2010.