Partnership Historic Sites

1. Partnership Historic Sites A program providing new opportunities for Historic Buildings in Kansas

2. What is it? • A preservation program enacted by the State Legislature in 2007 • Creates new opportunities for fundraising and promotion of Kansas History and Historic Buildings • A new opportunity that could really help your building. • 1970’s Federal Tax Credits • Early 1990’s Heritage Trust Fund • 2001 State Tax Credits • 2007 Partnership Historic Sites!

3. State Legislature saw a need. Created a program that tries to help non-profits across the state fulfill that need Promotes Kansas History of all shapes and sizes and views. Where did this come from?

4. Who Qualifies? • Certified 501(c) 3 Organization • In a building Listed on the National or State Register • Open to the public 500 hours per year (or have the potential to be open) • Publicly promotes Kansas or US History. Must meet all of these 4 criteria to be eligible

5. Consider the Criteria Your board should evaluate the needs of the site. Apply!!!!! May 3, 2010 (application deadline) Review Applications Grant Partnership Site Status to groups that meet the eligibility requirements Award Tax Credits How does this work? The site should first … The Committee will then…. If you are awarded Credits then you… • Get to work!

6. Why be a Partnership Site? • A chance to be part of a new, unique, progressive, preservation program. • Access to Fundraising Tax Credits (Grants) • A chance to continue to share your history. • A way to support your site during tough economic times

7. The Nitty-Gritty As a Partnership Site, you are eligible to apply for Partnership Historic Sites Tax Credits! (Partnership Historic Sites Grant Program—currently not funded) Each fiscal year the KS Dept. of Revenue sets aside $200,000 in Tax Credits to be awarded to Partnership Historic Sites. These Credits are awarded only to Partnership Sites to be used to raise funds for projects at the site Cannot use credits unless you are a site!

8. What is a Tax Credit? A tax credit is different from a tax deduction. A deduction is taken from your earned income and causes you to pay a lower amount of taxes. A credit is taken off of the income taxes you owe to the federal or state government. For example, when you figure your taxes, taking all your normal deductions, the bottom line says you owe $3,000. If you had $2,000 in tax credits you would only owe $1,000 in taxes. It’s like having Store Credit With the Dept. of Revenue

9. Isn’t there a Tax Credit Program already? Yes! But that is an “investment” credit program --credits are awarded after you have invested capital and completed your rehabilitation project. = given after work is done This program is a “contribution” credit As a Partnership Historic Site, your organization can give a tax credits to individuals who donate $$$ to your site. = given to raise money for the site’s programs

10. Your organization becomes a Partnership Historic Site. (Section 1) You apply for Partnership Sites Tax Credits. (Section 2) If awarded credits, your site then solicits donations during a designated time. Your site can then use the revenue to support operations of the Site! Example: Your site is awarded X amount of Credits. Bob donates $1,000 to your site, you can give a $500 Tax Credit that can pay his State of Kansas Income, Premium or Privilege Tax. Then your site uses Bob’s donation to pay for a new display! So, how does this work?

11. What kinds of things can the funds be used for? • Repairs & Rehabilitation * • Operations • Maintenance • Staff • Paying Bills • Endowments Really? -Yes!

12. * You cannot double-dip on Tax Credits If you raise funds to repair the roof of your site, you cannot repair the roof and then receive Rehabilitation Tax Credits for that project.

13. Donations are limited Minimum donation of $1,000 Maximum credit of $2,500 Must be given between July 1st, and June 30th 2 Tax Years, a donor may give a donation in each year! Example: Our donor Bob, can donate: Cash, check, items, services, stocks… Anything that has an established market value. That the site wishes to accept. He will receive a credit between $500 and $2,500 for half of the established value. Logistics

14. Example: Our donor Bob owes $700 in State taxes, if he has a $500 credit he will only have to pay $200 If our donor Bob owes $100 in State taxes, he will receive a refund of $400 The Credits are refundable! If a donor usually gets a refund, the credit can be added to the refund! The Credits can only be claimed for the tax year in which the donation was given. How do the credits help the donors?

15. Don’t Forget! Applications are due May 3, 2010 for the next round of committee reviews +Both Section 1 and Section 2 due May 3 This program currently has a 5 year sunset +We are beginning the 4th year The grant program is not funded, if you would like to utilize that program contact your local representatives and encourage to fund the grant and keep this project alive.

16. Additional Questions? • Contact: Kristen Johnston kjohnston@kshs.org Katrina Ringler kringler@kshs.org Marsha Longofono mlongofono@kshs.org 7845-272-8681 ext. 240 e-