LIFE PLAN OF KENTUCKY INC

Lexington, KY | www.lifeplanofky.org

GuideStar Charity Check

EIN: 45-3567607

Contributions tax deductible
as of September 2023

IRS BMF 509(a)(2)
as of September 18, 2023

View summary

Charity Check report

Mission

Our mission is to help family members to create a safe, secure future for loved ones with a disability. Putting together the financial, legal and personal aspects of a plan is challenging. We operate a not-for-profit pooled special needs trust fund for the benefit of any Kentuckians with disabilities, using the person's own funds or funds of a family member. We provide information about special needs or supplemental needs trusts, and qualifying income trusts, to Kentuckians with disabilities and their families, facilitate establishment of a loving and caring personal network in the life of the loved one, provide referrals to professionals for services, as appropriate, and work to create greater community awareness of the contributions people with disabilities make to our society.

Ruling year info

2012

Executive Director

KAREN L PERCH PhD, JD

Main address

230 LEXINGTON GREEN CIR STE 120 Suite 120

Lexington, KY 40503 USA

Show more contact info

EIN

45-3567607

Subject area info

Health care management

Financial services

Developmental disability services

Unknown or not classified

Population served info

Older adults

People with disabilities

NTEE code info

Financial Institutions/Services (Non-Government Related) (W60)

Developmentally Disabled Services/Centers (P82)

Management & Technical Assistance (E02)

IRS subsection

501(c)(3) Public Charity

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

Tax forms

Show Forms 990

Communication

Programs and results

What we aim to solve

SOURCE: Self-reported by organization

Life Plan of Kentucky, Inc aims to protect eligibility for disability related benefits by providing a protected place for inheritances, personal injury settlements and other sources of funds. We also work to connect our clientele with services and the resources they need to live in the community.

Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Trustee of Special Needs Trust Accounts

Staff time is devoted to explaining and advising potential account holders of the role of a special needs trust in maintaining a person's eligibility for government services as well as the actual establishment of individual sub-accounts within the Trust. Requests for sub-account distributions have to be reviewed and approved to ensure compliance with the terms and provisions of Federal and State law as well as accounting for all funds received and disbursed on behalf of a specific beneficiary., Quarterly reports have to be sent to account holders documenting income and dispursements as well as documentation for the filing of tax returns.

Population(s) Served

People with disabilities

Seniors

Education, Guidance and Consultation

People seeking assistance from Life Plan are often in need of education, guidance and consultation regarding life planning issues for their family member with a disability in the context of their entire family structure.

Population(s) Served

People with disabilities

Where we work

External reviews

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

What is the organization aiming to accomplish?

Life Plan of Kentucky, Inc. is a non-profit organization devoted to creating Special Needs Trusts for people with disabilities and their families. We are creating a legacy of dignity and love.

What are the organization's key strategies for making this happen?

Under current Federal and State Law, a person with disabilities havinag more that $2,000 in countable assets may not be eligible for Medicaid assistance. With a Special Needs Trust, you (or your loved one) can receive the benefit of assets placed into a sub-account with Life Plan of Kentucky and still receive Medicaid or Supplemental Security Income (SSI).

What are the organization's capabilities for doing this?

As a non-profit organization, (501 (c)(3)), Life Plan can serve as a Trustee for: First Party Trusts - A person with the disability funds with his/her money.Third Party Trusts - A family member or other funds the trust. Trusts can be funded with money from:Inheritance Personal Injury SettlementsLife Insurance Wages EarnedFinancial Gifts Restitution PaymentsSocial Security Back Payments

What have they accomplished so far and what's next?

Life Plan of Kentucky serves many families with special needs throughout the bluegrass region. We help safeguarding a person's eligibility for benefits and offer peace of mind to family and loved ones. Please visit our Website at lifeplanofky.org to see more information and download documents.

Financials

LIFE PLAN OF KENTUCKY INC

Fiscal year: Jan 01 - Dec 31

Revenue vs. expenses: breakdown

SOURCE: IRS Form 990

NET GAIN/LOSS: in

Note: When component data are not available, the graph displays the total Revenue and/or Expense values.

Liquidity in 2021

SOURCE: IRS Form 990

0.00

Average of 0.63 over 8 years

Months of cash in 2021

SOURCE: IRS Form 990

15.7

Average of 4.6 over 8 years

Fringe rate in 2021

SOURCE: IRS Form 990

8%

Average of 4% over 8 years

Funding sources

Source: IRS Form 990

Assets & liabilities

Source: IRS Form 990

Financial data

SOURCE: IRS Form 990

Digitizing IRS form 990 data

LIFE PLAN OF KENTUCKY INC

Revenue & expenses

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

Fiscal year ending: Download Data

Revenue
Contributions	$5,640
Program Services	$32,301
Investments	$0
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$37,941

Expenses
Grants	$0
Salaries & Employee Benefits	$6,782
Professional Fees	$4,966
Occupancy	$9,987
Printing, Publications, Postage, etc.	$15
Other Expenses	$17,171
Total Expenses	$38,921
Net Gain/Loss	($980)

Revenue
Contributions	$5,980
Program Services	$95,535
Investments	$1
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$101,516

Expenses
Grants	$0
Salaries & Employee Benefits	$56,416
Professional Fees	$1,504
Occupancy	$13,629
Printing, Publications, Postage, etc.	$711
Other Expenses	$17,708
Total Expenses	$89,968
Net Gain/Loss	$11,548

Revenue
Contributions	$5,556
Program Services	$159,053
Investments	$6
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$164,615

Expenses
Grants	$0
Salaries & Employee Benefits	$113,531
Professional Fees	$1,834
Occupancy	$13,737
Printing, Publications, Postage, etc.	$2,843
Other Expenses	$43,652
Total Expenses	$175,597
Net Gain/Loss	($10,982)

Revenue
Contributions	$10,353
Government Grants	$0
Program Services	$214,770
Investments	$12
Special Events	$0
Sales	$0
Other	$33
Total Revenue	$225,168

Expenses
Program Services	$173,764
Administration	$20,744
Fundraising	$750
Total Expenses	$195,258
Net Gain/Loss	$29,910

Functional expenses
Accounting Fees	$0
Advertising & Promotion	$4,918
Information Technology Expenses	$11,406
Insurance Expenses	$8,857
Interest Expenses	$675
Investment Management Fees	$0
Legal Fees	$0
Pension Plan Contributions	$0
Professional Fundraising Expenses	$0

Revenue
Contributions	$5,294
Government Grants	$0
Program Services	$416,814
Investments	$13
Special Events	$0
Sales	$0
Other	$13
Total Revenue	$422,134

Expenses
Program Services	$259,985
Administration	$11,369
Fundraising	$0
Total Expenses	$271,354
Net Gain/Loss	$150,780

Functional expenses
Accounting Fees	$0
Advertising & Promotion	$6,218
Information Technology Expenses	$18,696
Insurance Expenses	$8,572
Interest Expenses	$376
Investment Management Fees	$0
Legal Fees	$0
Pension Plan Contributions	$0
Professional Fundraising Expenses	$0

Revenue
Contributions	$8,587
Government Grants	$33,000
Program Services	$331,828
Investments	$567
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$373,982

Expenses
Program Services	$279,477
Administration	$11,916
Fundraising	$500
Total Expenses	$291,893
Net Gain/Loss	$82,089

Functional expenses
Accounting Fees	$0
Advertising & Promotion	$630
Information Technology Expenses	$16,439
Insurance Expenses	$8,878
Interest Expenses	$0
Investment Management Fees	$118
Legal Fees	$0
Pension Plan Contributions	$0
Professional Fundraising Expenses	$0

Revenue
Contributions	$7,132
Government Grants	$0
Program Services	$517,590
Investments	$1,834
Special Events	$0
Sales	$0
Other	$11
Total Revenue	$526,567

Expenses
Program Services	$317,620
Administration	$13,310
Fundraising	$500
Total Expenses	$331,430
Net Gain/Loss	$195,137

Functional expenses
Accounting Fees	$0
Advertising & Promotion	$0
Information Technology Expenses	$12,569
Insurance Expenses	$10,919
Interest Expenses	$0
Investment Management Fees	$152
Legal Fees	$0
Pension Plan Contributions	$0
Professional Fundraising Expenses	$0

LIFE PLAN OF KENTUCKY INC

Balance sheet

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

The balance sheet gives a snapshot of the financial health of an organization at a particular point in time. An organization's total assets should generally exceed its total liabilities, or it cannot survive long, but the types of assets and liabilities must also be considered. For instance, an organization's current assets (cash, receivables, securities, etc.) should be sufficient to cover its current liabilities (payables, deferred revenue, current year loan, and note payments). Otherwise, the organization may face solvency problems. On the other hand, an organization whose cash and equivalents greatly exceed its current liabilities might not be putting its money to best use.

Fiscal year ending: Download Data

Assets	Jan 01, 2014	Dec 31, 2014	Change
Contributions	$5,640
Cash & Equivalents	$8,178	$4,364	($3,814)
Fixed Assets (LBE - Depreciation)	$0	$0	$0
Other	$11,298	$7,532	($3,766)
Total Assets	$19,476	$11,896	($7,580)

Liabilities	Jan 01, 2014	Dec 31, 2014	Change
Total Liabilities	$15,535	$8,935	($6,600)

Fund balance	Jan 01, 2014	Dec 31, 2014	Change
Net Assets	$3,941	$2,961	($980)

Assets	Jan 01, 2016	Dec 31, 2016	Change
Contributions	$5,980
Cash & Equivalents	$6,545	$21,387	$14,842
Fixed Assets (LBE - Depreciation)	$0	$0	$0
Other	$3,524	$230	($3,294)
Total Assets	$10,069	$21,617	$11,548

Liabilities	Jan 01, 2016	Dec 31, 2016	Change
Total Liabilities	$0	$0	$0

Fund balance	Jan 01, 2016	Dec 31, 2016	Change
Net Assets	$10,069	$21,617	$11,548

Assets	Jan 01, 2017	Dec 31, 2017	Change
Contributions	$5,556
Cash & Equivalents	$21,387	$25,405	$4,018
Fixed Assets (LBE - Depreciation)	$0	$0	$0
Other	$230	$230	$0
Total Assets	$21,617	$25,635	$4,018

Liabilities	Jan 01, 2017	Dec 31, 2017	Change
Total Liabilities	$0	$15,000	$15,000

Fund balance	Jan 01, 2017	Dec 31, 2017	Change
Net Assets	$21,617	$10,635	($10,982)

Assets	Jan 01, 2018	Dec 31, 2018	Change
Contributions	$10,353
Cash & Equivalents	$25,405	$50,315	$24,910
Accounts Receivable	$0	$0	$0
Pledges & Grants Receivable	$0	$0	$0
Receivable, Other	$0	$0	$0
Inventories for Sale or Use	$0	$0	$0
Investment, Securities	$0	$0	$0
Investment, Other	$0	$0	$0
Fixed Assets (LBE - Depreciation)	$0	$0	$0
Other	$230	$230	$0
Total Assets	$25,635	$50,545	$24,910

Liabilities	Jan 01, 2018	Dec 31, 2018	Change
Accounts Payable	$0	$0	$0
Grants Payable	$0	$0	$0
Deferred Revenue	$0	$0	$0
Loans and Notes	$15,000	$10,000	($5,000)
Tax-Exempt Bond Liabilities	$0	$0	$0
Other	$0	$0	$0
Total Liabilities	$15,000	$10,000	($5,000)

Fund balance	Jan 01, 2018	Dec 31, 2018	Change
Temporarily Restricted Net Assets	$0	$0	$0
Permanently Restricted Net Assets	$0	$0	$0
Total Restricted Net Assets	$0	$0	$0
Unrestricted Net Assets	$10,635	$40,545	$29,910
Net Assets	$10,635	$40,545	$29,910

Assets	Jan 01, 2019	Dec 31, 2019	Change
Contributions	$5,294
Cash & Equivalents	$50,315	$178,283	$127,968
Accounts Receivable	$0	$0	$0
Pledges & Grants Receivable	$0	$0	$0
Receivable, Other	$0	$0	$0
Inventories for Sale or Use	$0	$0	$0
Investment, Securities	$0	$0	$0
Investment, Other	$0	$0	$0
Fixed Assets (LBE - Depreciation)	$0	$10,559	$10,559
Other	$230	$2,483	$2,253
Total Assets	$50,545	$191,325	$140,780

Liabilities	Jan 01, 2019	Dec 31, 2019	Change
Accounts Payable	$0	$0	$0
Grants Payable	$0	$0	$0
Deferred Revenue	$0	$0	$0
Loans and Notes	$10,000	$0	($10,000)
Tax-Exempt Bond Liabilities	$0	$0	$0
Other	$0	$0	$0
Total Liabilities	$10,000	$0	($10,000)

Fund balance	Jan 01, 2019	Dec 31, 2019	Change
Temporarily Restricted Net Assets	N/A	N/A	N/A
Permanently Restricted Net Assets	N/A	N/A	N/A
Total Restricted Net Assets	$0	$0	$0
Unrestricted Net Assets	$40,545	$191,325	$150,780
Net Assets	$40,545	$191,325	$150,780

Assets	Jan 01, 2020	Dec 31, 2020	Change
Contributions	$8,587
Cash & Equivalents	$178,283	$236,622	$58,339
Accounts Receivable	$0	$0	$0
Pledges & Grants Receivable	$0	$0	$0
Receivable, Other	$0	$0	$0
Inventories for Sale or Use	$0	$0	$0
Investment, Securities	$0	$27,333	$27,333
Investment, Other	$0	$0	$0
Fixed Assets (LBE - Depreciation)	$10,559	$8,908	($1,651)
Other	$2,483	$2,483	$0
Total Assets	$191,325	$275,346	$84,021

Liabilities	Jan 01, 2020	Dec 31, 2020	Change
Accounts Payable	$0	$0	$0
Grants Payable	$0	$0	$0
Deferred Revenue	$0	$0	$0
Loans and Notes	$0	$0	$0
Tax-Exempt Bond Liabilities	$0	$0	$0
Other	$0	$0	$0
Total Liabilities	$0	$0	$0

Fund balance	Jan 01, 2020	Dec 31, 2020	Change
Temporarily Restricted Net Assets	N/A	N/A	N/A
Permanently Restricted Net Assets	N/A	N/A	N/A
Total Restricted Net Assets	$0	$0	$0
Unrestricted Net Assets	$191,325	$275,346	$84,021
Net Assets	$191,325	$275,346	$84,021

Assets	Jan 01, 2021	Dec 31, 2021	Change
Contributions	$7,132
Cash & Equivalents	$236,622	$431,811	$195,189
Accounts Receivable	$0	$0	$0
Pledges & Grants Receivable	$0	$0	$0
Receivable, Other	$0	$0	$0
Inventories for Sale or Use	$0	$0	$0
Investment, Securities	$27,333	$33,141	$5,808
Investment, Other	$0	$0	$0
Fixed Assets (LBE - Depreciation)	$8,908	$7,256	($1,652)
Other	$2,483	$2,483	$0
Total Assets	$275,346	$474,691	$199,345

Liabilities	Jan 01, 2021	Dec 31, 2021	Change
Accounts Payable	$0	$0	$0
Grants Payable	$0	$0	$0
Deferred Revenue	$0	$0	$0
Loans and Notes	$0	$0	$0
Tax-Exempt Bond Liabilities	$0	$0	$0
Other	$0	$0	$0
Total Liabilities	$0	$0	$0

Fund balance	Jan 01, 2021	Dec 31, 2021	Change
Temporarily Restricted Net Assets	N/A	N/A	N/A
Permanently Restricted Net Assets	N/A	N/A	N/A
Total Restricted Net Assets	$0	$0	$0
Unrestricted Net Assets	$275,346	$474,691	$199,345
Net Assets	$275,346	$474,691	$199,345

LIFE PLAN OF KENTUCKY INC

Financial trends analysis Glossary & formula definitions

Fiscal Year: Jan 01 - Dec 31

SOURCE: IRS Form 990 info

This snapshot of LIFE PLAN OF KENTUCKY INC’s financial trends applies Nonprofit Finance Fund® analysis to data hosted by GuideStar. While it highlights the data that matter most, remember that context is key – numbers only tell part of any story.

Created in partnership with

Fiscal year: Jan 01 - Dec 31 View full report Download data

Business model indicators

Profitability	2018	2019	2020	2021
Unrestricted surplus (deficit) before depreciation	$29,910	$151,341	$85,673	$200,997
As % of expenses	15.3%	55.9%	29.5%	60.9%
Unrestricted surplus (deficit) after depreciation	$29,910	$150,780	$84,021	$199,345
As % of expenses	15.3%	55.6%	28.8%	60.1%

Revenue composition
Total revenue (unrestricted & restricted)	$225,168	$422,134	$373,982	$526,567
Total revenue, % change over prior year	0.0%	87.5%	-11.4%	40.8%
Program services revenue	95.4%	98.7%	88.7%	98.3%
Membership dues	0.0%	0.0%	0.0%	0.0%
Investment income	0.0%	0.0%	0.2%	0.3%
Government grants	0.0%	0.0%	8.8%	0.0%
All other grants and contributions	4.6%	1.3%	2.3%	1.4%
Other revenue	0.0%	0.0%	0.0%	0.0%

Expense composition
Total expenses before depreciation	$195,258	$270,793	$290,241	$329,778
Total expenses, % change over prior year	0.0%	38.7%	7.2%	13.6%
Personnel	72.5%	67.9%	73.5%	71.4%
Professional fees	0.9%	0.7%	1.6%	1.4%
Occupancy	7.6%	8.7%	8.4%	7.6%
Interest	0.3%	0.1%	0.0%	0.0%
Pass-through	0.0%	0.0%	3.4%	8.4%
All other expenses	18.6%	22.6%	13.2%	11.2%

Full cost components (estimated)	2018	2019	2020	2021
Total expenses (after depreciation)	$195,258	$271,354	$291,893	$331,430
One month of savings	$16,272	$22,566	$24,187	$27,482
Debt principal payment	$5,000	$10,000	$0	$0
Fixed asset additions	$0	$11,120	$0	$0
Total full costs (estimated)	$216,530	$315,040	$316,080	$358,912

Capital structure indicators

Liquidity	2018	2019	2020	2021
Months of cash	3.1	7.9	9.8	15.7
Months of cash and investments	3.1	7.9	10.9	16.9
Months of estimated liquid unrestricted net assets	2.5	8.0	11.0	17.0

Balance sheet composition	2018	2019	2020	2021
Cash	$50,315	$178,283	$236,622	$431,811
Investments	$0	$0	$27,333	$33,141
Receivables	$0	$0	$0	$0
Gross land, buildings, equipment (LBE)	$12,325	$23,446	$23,446	$23,446
Accumulated depreciation (as a % of LBE)	100.0%	55.0%	62.0%	69.1%
Liabilities (as a % of assets)	19.8%	0.0%	0.0%	0.0%
Unrestricted net assets	$40,545	$191,325	$275,346	$474,691
Temporarily restricted net assets	$0	N/A	N/A	N/A
Permanently restricted net assets	$0	N/A	N/A	N/A
Total restricted net assets	$0	$0	$0	$0
Total net assets	$40,545	$191,325	$275,346	$474,691

Key data checks

Key data checks	2018	2019	2020	2021
Material data errors	No	No	No	No

Operations

The people, governance practices, and partners that make the organization tick.

Documents

Letter of Determination

Form 1023/1024 is not available for this organization

Executive Director

KAREN L PERCH PhD, JD

Karen L. Perch, has her PhD from Kansas State University and her law degree from the University of Kentucky. For many years, Ms. Perch has worked with individuals and families who have members with special needs, helping them to improve the quality of their lives. The Executive Director works with parents who want to do everything they can to protect their loved ones with special needs when the parents are dancing with the angels. For many families, finding qualified people to manage funds for their child is not always easy. For that reason, Ms. Perch assisted the Board of Directors of Life Plan to establish itself as a non-profit agency able to tackle the task of serving as trustee for those in need. She now serves as Executive Director, working with individual families, speaking to groups of parents, care managers, and others, and dealing with the day to day management of the organization.

Number of employees

Source: IRS Form 990

LIFE PLAN OF KENTUCKY INC

Officers, directors, trustees, and key employees

SOURCE: IRS Form 990

Compensation

Other

Show data for fiscal year

Compensation data

Download up to 5 most recent years of officer and director compensation data for this organization

There are no highest paid employees recorded for this organization.

LIFE PLAN OF KENTUCKY INC

Board of directors
as of 06/29/2023

SOURCE: Self-reported by organization

Board of directors data

Download the most recent year of board of directors data for this organization

Board chair

Nick Woods

Fifth Third Bank

Term: 2018 - 2021

Nicholas Woods

Community Trust Wealth & Trust Management

Amy Dougherty

Bluegrass Elderlaw, PLLC

Karen L. Perch

Executive Director

Jennifer Garland

LFUCG

Kevin Johns

Wyatt, Tarrant & Combs

Elise Kalika

community volunteer

Stefan Hendrickson

financial adviser

Jennifer Gilmore

financial adviser

Tina Scott

A-1 Case Management

Traci Brewer

DSACK

Cameron Hamilton

Ballast

Rachael Jones

Social Work

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

Board orientation and education
Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
CEO oversight
Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes
Ethics and transparency
Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
Board composition
Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Not applicable
Board performance
Has the board conducted a formal, written self-assessment of its performance within the past three years? No

Organizational demographics

SOURCE: Self-reported; last updated 6/29/2023

Candid has made improvements to the race and ethnicity options.

Who works and leads organizations that serve our diverse communities? Candid partnered with CHANGE Philanthropy on this demographic section.

Leadership

The organization's leader identifies as:

Gender identity

Female

Race & ethnicity

No data

Gender identity

No data

Sexual orientation

No data

Disability

No data

Equity strategies

Last updated: 06/29/2023

GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more

Policies and processes

We have community representation at the board level, either on the board itself or through a community advisory board.
We help senior leadership understand how to be inclusive leaders with learning approaches that emphasize reflection, iteration, and adaptability.

LIFE PLAN OF KENTUCKY INC

Mission

Is this your nonprofit?

Programs and results

What we aim to solve

Our programs

Trustee of Special Needs Trust Accounts

Education, Guidance and Consultation

Where we work

Goals & Strategy

Charting impact

What is the organization aiming to accomplish?

What are the organization's key strategies for making this happen?

What are the organization's capabilities for doing this?

What have they accomplished so far and what's next?

Financials

Revenue vs. expenses: breakdown

Liquidity in 2021 info

0.00

Months of cash in 2021 info

15.7

Fringe rate in 2021 info

8%

Funding sources info

Assets & liabilities info

Financial data

Digitizing IRS form 990 data

LIFE PLAN OF KENTUCKY INC

LIFE PLAN OF KENTUCKY INC

LIFE PLAN OF KENTUCKY INC

Business model indicators

Capital structure indicators

Key data checks

Operations

Documents

Executive Director

KAREN L PERCH PhD, JD

Number of employees

LIFE PLAN OF KENTUCKY INC

Compensation data

LIFE PLAN OF KENTUCKY INC

Board of directors data

Nick Woods

Board leadership practices

Board orientation and education

CEO oversight

Ethics and transparency

Board composition

Board performance

Organizational demographics

Leadership

Race & ethnicity

Gender identity

Sexual orientation

Disability

Equity strategies

Liquidity in 2021

Months of cash in 2021

Fringe rate in 2021

Funding sources

Assets & liabilities