I’m always looking into different tax saving strategies for my clients, and recently came across an opportunity that may be useful to some of you.  Are you someone who could benefit from Kansas State Tax credits while being charitable at the same time?  If so, check out this opportunity with Donnelly College, located in Kansas City, KS:


• In July 2010, Donnelly College was awarded $200,000 in Community Service Tax Credits from the Kansas Department of Commerce.  The credits must be distributed by December 2012.

What’s in it for you?

• Qualified donors will receive a tax credit against their Kansas income tax liability worth 50% of their donation.

Leverage your contribution through State Tax Reduction and combine with a federal deduction!*

Example:  A $10,000 gift yields a $5,000 Kansas Tax Credit.

$4,000 KS Tax Due

–  $5,000 credit

= $1,000 Kansas refund

• Eligible contributors: Individuals and businesses with Kansas tax liability

  • For other interested donors, the tax credit can be transferred for full value from a donor without tax liability to an individual with tax liability (No refund available; credits carried forward for up to 10 years).

• Eligible Contributions:  Cash and stocks/bonds (must be valued at a minimum of $1,000 per tax yr).

• Once the contribution is received, Donnelly College will submit necessary state paperwork and issue donors the Kansas Tax Credit.

* Consult your tax advisor for specific guidance about tax benefits to you.

Project Summary

The tax credits have been issued to complete the final leg of fundraising for Donnelly College’s Community Events Center on their campus.  The project will remodel the oldest, and currently unusable, building on campus.  It will be open for public programming/events (60% usage expected), as well as for their campus events (40% usage).  Construction will begin once all tax credits are distributed.

Why is this project important?

In urban Kansas City, Kansas, there are not enough public spaces for community and non-profit groups. The new event center will double Donnelly College’s event programming space and increase their ability to serve our community.

Donnelly College believes providing additional event space on their college campus is critical to expanding exposure and predisposition to college for thousands more Kansas citizens (In our immediate vicinity, the Bachelor Degree attainment rate is just 12%).  Because 85% of Donnelly College students are the first in their family to attend college, we know the impact of college education in transforming one’s life.

Donnelly’s convenient location, 60-year commitment to Kansas City, Kansas, express mission to improve college degree attainment for those most underserved, and federal designation as both a Hispanic- and Minority-Serving Institution make it an ideal location for a new Community Events Center.

Partners: This 200-person-capacity center will be used by Donnelly and the College’s growing number of partners, including the Unified Government, Kauffman Scholars, KU Gear Up, Kansas City Kansas Public Schools, YMCA Young Achievers, Donnelly’s Summer Transportation & Science Academy, Money Smart month Financial Education programming  with the Federal Reserve Bank, and many others.

Event Center Features (that do not exist in their current public meeting space):  A catering kitchen, a separate entrance and visitor drop-off, separate bathrooms, state-of-the-art technology.

About Donnelly College

Donnelly College is a private, Catholic College in the heart of Kansas City, Kansas.  Their mission is to make the love of God tangible in our world by promoting college access and student success – thereby transforming lives, places and spirits. They do this by keeping tuition within reach – just under $6,000 this year – and creating a campus environment that promotes student success, exceeding the national averages for retention, graduation and transfer rates.  Most of their outstanding student body comprises low-income, students of color, and first-generation college-goers.

Sponsored by the Archdiocese of Kansas City in Kansas, Donnelly College is proud that they live Bishop George Donnelly’s wishes for the College upon its founding in 1949: “To make it possible for the youth of Kansas City and its vicinity to obtain a Catholic college education without needless expense.”

If you are interested in learning more about this opportunity, please contact Emily Buckley, Director of Advancement with Donnelly College, at 913.621.8731 or [email protected].

If you would like to review opportunities for tax savings and/or take advantage of potential tax loss harvesting opportunities within your taxable investment accounts, please contact me at 913.908.1795 or [email protected] to schedule your free consultation.

John P. Chladek, MBA, CFP® is the President and Founder of Chladek Wealth Management, LLC, a fee-only financial planning and investment management firm specializing in helping families and couples who are not yet retired realize their financial goals.  For more information, visit http://www.chladekwealth.com.

All written content on this site is for information purposes only.  Opinions expressed herein are solely those of John P. Chladek, MBA, CFP®, President, Chladek Wealth Management, LLC.  Material presented is believed to be from reliable sources and we make no representations as to its accuracy or completeness.  All information and ideas should be discussed in detail with your individual advisor prior to implementation.  Investment Advisory services are offered by Chladek Wealth Management, LLC, a registered investment advisory firm in the State of Kansas.  The presence of this web site on the Internet shall in no direct or indirect way be construed or interpreted as a solicitation to sell or offer to sell investment advisory services to any residents of any state other than the State of Kansas or where otherwise legally permitted.