For those donors who are interested in a bigger gift that will keep on giving, the ND FFA Foundation Board of Directors voted in July to establish a qualified ND endowment fund for the Foundation. More information below. We have one donor who just gave $5,000 to the endowment today to take advantage of the tax credit for 2014. The ND Community Foundation (NDCF) is managing the endowment. Monies generated by the endowment will be utilized to provide scholarship and leadership opportunities for ND’s FFA members. The ND FFA Foundation has established a “qualified ND endowment fund” as a component fund of the North Dakota Community Foundation. This fund is a permanent way to support our organization – earnings from the fund will support the FFA every year, while the principal remains intact and continues to grow. There’s another great reason to give now to our endowment fund. The North Dakota Charitable Income Tax Credit, passed by the ND State Legislature in 2011, allows individuals who donate $5,000 or more and businesses that donate any amount to qualified endowment funds to receive up to a 40% state tax credit. ND FFA Foundation’ endowment fund is managed as a qualified North Dakota Endowment Fund under North Dakota law. This means that your gift of $5,000 to the FCFA’s Endowment Fund is not only tax deductible on your federal income tax return, it should also qualify for a 40% or $2,000 credit against your ND income tax liability. If you are in the 30% federal income tax bracket, the net cost of your $5,000 gift could be as low as $1,500 after taking the federal and ND income tax benefits into account. The credit is limited to $10,000 per taxpayer per year. This means that an individual can max out their credit by giving $25,000 to the endowment and a couple can give $50,000. If you cannot use all of your ND income tax credit in one year, you may carry it forward for an additional 3 years. There are many ways to support and grow our endowment fund, including outright donations (that may qualify for the 40% state tax credit), deferred gifts, bequests, memorials, and through life insurance policies. If you would like to help us continue our work forever, please contact the ND FFA Foundation to discuss our endowment fund and the many options there are to support us. You may find out more about this generous tax credit by visiting: ndcf.net/information/ndtaxcredit.asp
Posted on: Tue, 30 Dec 2014 16:05:13 +0000
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