Support from alumni and friends makes a difference

December 15, 2012

 

During the holiday season, it is appropriate to reflect on the many blessings we enjoy at Mayville State. We have much for which to be thankful, including our many alumni and friends who so freely give of their time, talents, and financial resources to support Mayville State.

The tremendous generosity of our alumni and friends, not only through their outright financial contributions, but through their volunteer time and efforts, is of utmost importance to Mayville State as we fulfill our mission to educate and guide students so they can realize their full career potential.  Assistance from alumni and friends plays a critical role in all that we do.

A top priority for private fund-raising at Mayville State is to provide scholarship assistance for students. All too often, the financial burdens associated with receiving a college education cause a student to struggle. Scholarships are one way we can ensure that students have the best possible opportunity to reach their goals. At Mayville State University, many students have greater opportunities because of academic, leadership, and athletic scholarships funded by alumni and friends.

There are many ways to financially support Mayville State. The MSU Foundation sponsors a number of fundraising events and membership drives each year which benefit a variety of needs at Mayville State, including music and athletic scholarships. Alumni and community support for these functions is critical. In addition, outright donations can be earmarked for specific programs and scholarships, or they can be made to the general MSU scholarship fund which helps to attract new students to Mayville State. Gifts to the annual fund are used for areas of greatest need at the university. Donors have the opportunity to make one-time or recurring gifts. Gifts can be of cash for today or investments for tomorrow.

A large number of Mayville State supporters have established endowments through the MSU Foundation. Only the interest generated on an endowment fund is spent. The principle exists in perpetuity. Most of the endowments held within the Foundation are set up to provide scholarships, and many have been established to honor loved ones or families. For example, The Thomas Bachmeier Family Psychology Scholarship endowment was established by his family as a memorial to Tom, who was a long-time professor of education at Mayville State. He taught and worked in the field of psychology. The interest earned on the fund is awarded in the form of scholarships for selected Mayville State psychology students.

North Dakota residents currently have the unique opportunity to make a greater impact for less by taking advantage of a North Dakota tax credit made possible by North Dakota lawmakers. A $5,000 gift to an endowment at Mayville State University may cost only $1,600. Additionally, donors can make a qualified deferred gift (such as a charitable trust or gift annuity) and benefit from a state tax credit on the charitable contribution and a gift of appreciated property, further leveraging tax benefits. 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.

Only a few states in the U.S. offer any kind of tax incentive for giving to endowments, and North Dakota is one of the only two states currently offering businesses (C corps, S corps, estates, and limited liability companies) and individuals 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. The individual or business can carry any excess credit forward for up to three years. To qualify for the credit, gifts equaling a minimum of $5,000 or more must be given either at one time or throughout a calendar year. Gifts must be completed before December 31, 2012.

How can you use this unique opportunity to help Mayville State University? MSU Director of Development and Planned Giving John J. Klocke, Certified Fundraising Executive (CRFE), brings more than 20 years of charitable gift- and tax-planning experience to Mayville State University donors who want to invest in the future of the university and make MSU and the state of North Dakota a better place to live and work. I encourage you to contact him at 701-788-4787 or john.j.klocke@mayvillestate.edu to learn more about how the North Dakota endowment tax credit can benefit you and Mayville State.

The MSU Foundation also offers a free estate-planning website for alumni and friends. You can watch videos, take estate quizzes, and test your knowledge. You'll learn what you need to know to accomplish the important goal of planning for your financial future. Visit the website, www.msugift.org, with no obligation at all.

Each and every gift given to Mayville State University, including those generated through events and other activities, plays a critical role in the lives of our students, and in the growth, maintenance, and improvement of Mayville State University. We are grateful to the many volunteers whose hard work and dedication make the events and activities possible, to all who attend and participate in the events, and to all who give of their financial resources in support of Mayville State. You are truly making a difference in the lives of our students.