John J. Klocke, CFRE
Director of Development
and Planned Giving
Phone: 701-788-4787
john.j.klocke@mayvillestate.edu

ND Endowment Tax Credit

Make a $5,000 gift for $1,600 with the North Dakota Endowment Tax Credit

The North Dakota Endowment Tax Credit is very good news for our dedicated alumni and friends who want to invest in the future of Mayville State University through a gift to a qualified permanent endowment for scholarships, faculty endowments or special endowed programs. To qualify for the credit, gifts must be given either one-time or throughout a calendar year to equal a minimum of $5,000 or more.

Endowment Tax Credit available for North Dakota businesses and individuals

North Dakota currently offers businesses (C corps, S corps, estate and limited liability companies) and individual tax payers the opportunity to qualify for a combined state and federal income tax credit of 40% up to a maximum of $10,000 credit per person/business and up to $20,000 for a married couple. Any excess credit can be carried forward up to three years for the individual or business.

North Dakota's visionary legislators created this opportunity for ND residents and there is no real way of knowing how long this kind of credit will be available. One thing is clear, it will be very helpful this tax year to those wishing to do good for Mayville State University.

Here is an example of what the tax break would look like for a Mayville State University Foundation donor in a 28 percent tax bracket:

Gift Amount

Federal Tax Deduction

ND State Income Tax Credit

Net Cost of Gift

$5,000

-$1,400

-$2,000

$1,600

$25,000

-$7,000

-$10,000

$8,000

$50,000

-$14,000

-$20,000

$16,000

Combine the ND Endowment Tax Credit with the Benefits of a Planned Gift!

If you are planning to make a planned gift such as a gift annuity, charitable trust or other planned gift tool and the gift will benefit an endowment fund, chances are you may be able to get even more benefits using the North Dakota Endowment Tax Credit.

Where do you start?

If Mayville State University Foundation donors want to invest in the future of MSU and make the university and the state of ND a better place to live and work, a special endowment credit information kit can be ordered by simply calling 701-788-4787 or e-mail your request to john.j.klocke@mayvillestate.edu.

It is always wise to consult your own financial advisor, accountant or attorney to see if this endowment gift credit option would work well for your own situation.