Kentucky Technical University Corporation, or KTUC, received 501c3 status from the Internal Revenue Service as a tax exempt 509 Public Charity this week. The 501c3 Tax Determination Letter notes the effective date of 7/11/2020.
This tax status was important as it frees up 21% of KTUC revenue, which would have been paid as taxes. This allows administrators to reinvest a substantial share of revenue into the institution and students.
KI will provide GED training and adult high school level instruction to Kentuckians needing a secondary education. KI is still being developed.
KTU will provide the framework to help Kentuckians complete a post secondary education for about a fourth of the cost of a state school. Initially offering certificate programs and a two year degree, the school anticipates offering four year and graduate programs in the future. The KTU Course Catalogue is available free as a digital download or for six dollars in paperback.
Further the status of being a public charity allows the university to accept donations and gifts from corporations and individuals. Donors of KTUC will be able to deduct the amount of their donation from their annual taxes. Those interested in donating to the schools founding can contact the university administration at 844-446-2588 or visit the schools new fundraiser site at //kytech.fund
This tax exempt designation is in addition to the 2020 incorporation in the Commonwealth of Kentucky as a nonprofit. The Secretary of State of the Commonwealth of Kentucky has issued a Certificate of Existence noting that KTU has no outstanding obligations to that office and is a legal corporation in good standing.
Along with these important milestones our sister nonprofit LFI, which KTU is a program of, was found to meet the status of a college or university by the Kentucky Attorney General making LFI exempt from registering as a solicitor of donations with the Attorney General’s office.
LFI or the Leffler Foundation Inc. became an Academic Partner of CompTIA in the last month. CompTIA offers tech certificates which are widely accepted in the IT industry. This status makes exams and curriculum available at a considerably discounted rate which will allow twice as many students to be certified through their programs. The CompTIA certifications and exams are an essential part of our KTUC degree plans.
LFI is also a Google Nonprofit and has received the Google Ad Grant allowing it to deliver its message to a larger audience than previously available. KTU being a program of LFI has enjoyed the benefits of these Google gifts. KTU, now as a tax exempt entity, will begin the process of earning these two distinctions itself.
KTUC is a legally separate entity from LFI. KTUC will seek the same status with the Attorney General, Google and CompTIA independently to ensure consistent legal status between LFI and KTUC. Web visitors can review a number of documents at ktuc.org if interested in further reading.
KTUC has also met the School Surety Bonding requirements of the Kentucky Commission On Proprietary Education.
These milestones all lead to an application for a license from the state of Kentucky as a post secondary educational institution. A license is the final legal threshold to becoming Kentucky Technical University and enrolling students.
KTUC was founded July 11 2020, as a new university in Kentucky with the mission to be the most affordable, innovative and accessible education in Kentucky. Kentucky trails most of the nation in technology outputs, ranking 44th. Technology Access is also a challenge in the state ranking in the 40s across multiple reports.
Kentucky students will be charged Need Based Tuition using a sliding scale, capped at no more than $1300 per term. At the top of this scale, KTU will still be the most affordable education in Kentucky. The university will provide no less than 30% of students a free education. KTUC is a nonprofit, online university in Kentucky. It will also offer technical programs nationally and internationally.
KTU aims to tackle student debt by being priced low enough to be affordable without student loans. Monthly payment plans will be available once the school is operating.