Endowment
Make a Lasting Impact!
As you are considering a gift to Dakota Gather, we would like you to know you can make a meaningful gift to empower our organization for generations to come.
A gift to Dakota Gather’s Endowment Fund can be used to fuel community impact for today and into the future.
Dakota Gather uses these donations to power the programing we provide in the communities we all care about most.
Also, If you are a North Dakota taxpayer, you may be able to claim a credit of 40% on a minimum donation of $5,000 to a qualified endowment, including Dakota Gather’s endowment, through the North Dakota Charitable income tax credit. This credit is on top of the savings you receive on your federal tax return by itemizing your qualifying charitable donations. By taking advantage of both the state tax credit and federal tax deduction, you can significantly lower the net cost of your contribution and triple its impact! For an example of what the potential savings can look like see below.
Learn More
To learn more about the endowment fund, and how you can ensure our organization’s impact into the future please reach out to the Executive Director
at 701-540-9270 or ExecutiveDirector@DakotaGather.org
Examples
Examples of how the North Dakota Charitable Income Tax Credit
40% Tax Credit for Individuals
Gifts made by an individual to a qualified endowment fund are eligible for the 40% tax credit if the aggregate of that year’s gifts is equal to $5,000 or more.
The maximum credit amount that may be claimed is $10,000 for an individual or $20,000 for married individuals filing jointly.
Example: Mrs. Smith, a North Dakota resident, donates $20,000 in cash to an endowment fund. She receives an $8,000 tax credit (40%) on her North Dakota return. If she is in the 28% Federal tax bracket, her Federal tax savings are $3,360 (28% of $12,000). The “cost” of her $20,000 gift is offset by $11,360 in tax savings.
40% Tax Credit for Businesses
Gifts made by a business entity to a qualified endowment fund are also eligible for a 40% tax credit. They have an annual limitation of $10,000.
In some cases, the entity will “pass through” some or all of the credit to the business owners or the beneficiaries of the trust or estate.
Example: Partnership XYZ has three equal partners. They would each receive a $3,000 tax credit available for use on their North Dakota individual income tax returns if the partnership qualifies for a $9,000 credit.
*This information is provided for educational purposes only. Please consult your attorney, accountant, or financial advisor for advice.