MSU President's Column for Traill County Tribune
December 21, 2019
Year-end giving can make a difference for others and for the donor
It is that time of year when we think about our 2019 tax filing and the impact that it may have on our overall finances. As you are planning, I encourage you to give serious consideration to the North Dakota Challenge Grant Program. This exciting program was again funded by the North Dakota Legislature, and scholarship gifts made from July 1, 2019 through December 31, 2020 are eligible for matching funds.
The Legislature allocated a total of $700,000 to Mayville State University to be matched on a 50% basis. It is the goal of the MSU Foundation to raise $1,400,000 in private dollars so that we may access the full $700,000. In addition to cash gifts, pledges for up to a period of seven years can be matched.
To make things even more exciting, the Challenge Grant Program works very well in partnership with the North Dakota Endowment Tax Credit program. For North Dakota residents, this program makes it possible for individuals to give more through their contributions and have a greater impact on the quality of life in North Dakota. An individual may receive a tax credit for contributions of $5,000 or more to a qualified North Dakota endowment.
The best year-end giving plans make a difference in the lives of others while improving the financial and/or tax situation of the donor - often right away. Possibilities include an immediate gift, a gift from an individual retirement account, charitable remainder trust, or a charitable gift annuity. With the right tools, a donor can save taxes, increase income, and help others while helping himself or herself.
Some options to consider while setting financial priorities are:
- Charitable Gift Annuity. A gift annuity delivers the donor fixed payments for life, while providing a significant income tax deduction in the year it is set up.
- Charitable Remainder Trust. Enjoy tax savings by turning appreciated assets, such as stock, into income.
- Charitable Contributions. Help further the mission of Mayville State University by making a gift. A contribution in any amount has the potential to provide the donor with tax savings.
- IRA Charitable Rollover. Avoid the minimum distribution (RMD) by directing your IRA custodian to make a gift to Mayville State. You won’t receive an income tax deduction, but you may meet your RMD requirements while helping a worthy cause. You can distribute up to $100,000 to charity from your IRA each year to meet your RMD. If your spouse has his or her own IRA, he or she can take advantage of the IRA Charitable Rollover too.
For more information about the Challenge Grant Program or making year-end gifts to Mayville State University, please contact the MSU Foundation office at 701-788-4864 or 701-788-4750. As always, we encourage everyone to consult with their accountant or tax attorney to determine the exact impact on your personal situation.
When you make a gift to Mayville State University, you are impacting the future. By helping students who are in pursuit of their educational dreams and goals, you are not only helping individuals, you are helping to ensure that the workforce needs of our state and nation are met. In my mind, you’re also helping improve the future of Traill County by helping to prepare bright young minds.
We know that the students who are educated at Mayville State University learn first-hand what personal service is all about. It becomes a part of who they are. They in turn share those experiences as they graduate and work in their careers and communities. This is a quality that makes the world a better place, and we could not be more proud of our graduates and how they are making a difference. By investing in Mayville State University and its students, you can take great pride in knowing that you too have made a difference.