MAKE A LEGACY GIFT AND INVEST FOR THE FUTURE
Annual membership keeps the North Dakota Cowboy Hall of Fame (NDCHF) in the saddle from day to day and year to year. Endowment gifts provide support for the long term, providing the foundation for the NDCHF financial security and ensuring that our stories will be enjoyed by future generations. The NDCHF endowment program was established by former governor and NDCHF inductee, Art Link, and his wife Grace. It is named in their honor.
Revocable endowment gifts effective at death:
Current endowment gifts:
Receive the maximum immediate tax benefits, and enjoy the satisfaction of giving during your lifetime.
Gifts of cash - charitable tax deduction
Gifts of stock and mutual funds - charitable tax deduction and avoidance of capital gains tax
Gifts of real estate - charitable tax deduction, avoidance of capital gains tax, relief from property tax and property management
Income for life and tax benefits
State tax credit for endowment gifts:
Businesses (C corporations, S corporations, estates, limited liability companies, trusts, and financial institutions) that pay North Dakota income tax may take a 40 percent credit up to a total of $10,000 for gifts to the qualified endowment fund of a qualified North Dakota charity. The Art and Grace Link Endowment fund is qualified under this law.
Individuals may receive a state tax credit for a contribution for $5,000 or more (lump sum or aggregate in one year) to a qualified North Dakota endowment. The tax credit is 40 percent of the charitable deduction allowed by the IRS up to a maximum credit of $10,000 per year per taxpayer or $20,000 per year per couple filing jointly. Effective for taxable years starting in 2011.
In all of the above, the credit may be carried forward for three additional tax years if it cannot all be used in one year.
State tax credit for planned or deferred gifts:
Individuals may make a qualified deferred gift to a qualified North Dakota nonprofit organization. The NDCHF is a qualified charity. The tax credit is 40 percent of the charitable deduction allowed by the IRS up to a maximum of $10,000 per year per taxpayer or $20,000 per year per couple filing jointly. Effective for taxable years starting in 2007.
For example, a couple enters into a $200,000 charitable gift annuity agreement with the NDCHF. The IRS allows them to deduct $100,000 from their federal taxable income as a charitable gift. The couple would qualify for a $20,000 North Dakota income tax credit. They could take up to four years to take the credit against their North Dakota income tax liability. The credit is limited to the amount of their income tax liability.
HOW THE ART AND GRACE LINK ENDOWMENT WORKS
The Art and Grace Link Endowment is strategically invested to preserve its principal value. Payout from the Art and Grace Link Endowment supports the programs and operations of the NDCHF. As our endowment grows, it provides an expanding source of stable funding to help us weather the ups and downs of the economy and keep the NDCHF strong.
To learn more about the Art and Grace Link Endowment gifting to the NDCHF, contact us.