Gateway to Science has established an endowment fund at the North Dakota Community Foundation. This permanent resource will provide ongoing support to our operations for many years. In addition to being tax deductible, your gift to our endowment fund may also qualify for the state’s generous 40% Income Tax Credit.
North Dakota’s Income Tax Credit
The 2011 North Dakota Legislature passed a law that allows tax credits for individuals and businesses who give specific types of gifts to North Dakota charities like Gateway to Science Center Endowment Fund. Please feel free to contact Lesley Icenogle, Director of Development, at 701-258-1975 for additional information.
State Tax Credit for Endowment Gifts
Businesses (C corporations, S corporations, estates, limited liability companies, trusts, and financial institutions) that pay ND income tax may take a 40% credit up to a total of $10,000 for gifts to the qualified endowment fund of a qualified North Dakota charity. The Gateway to Science Center Endowment Fund is qualified under this law. Additional information about the North Dakota tax credit can be found on the ND Tax Commissioner’s website.
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% 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.
The tax credits may be carried forward for 3 additional tax years if it cannot all be used in one year.
Definitions Under State Law
Qualified nonprofit organization: a North Dakota incorporated or established 501(c)(3) organization to which contributions qualify for federal charitable income tax deductions with an established business presence or location in North Dakota.
Qualified endowment: a permanent, irrevocable fund (comprising cash, securities, mutual funds, or other investment assets established for a specific charitable, religious, or educational purpose and invested for the production or growth of income, or both, which may either be added to principal or expended) held by a qualified nonprofit organization or bank or trust company holding the fund on behalf of a qualified nonprofit organization.
How to Donate
If you would like to make a donation to our endowment fund, please click here. You will be taken to the donation page of the North Dakota Community Foundation’s website and can follow the instructions there. Please be sure to include “Gateway to Science” on the memo line of your check or on the “Fund Name” line of the donation form.
If you would like information about donating a different asset such as real estate or stock, or if you are interested in setting up a Charitable Gift Annuity to benefit the Gateway to Science Endowment Fund, please contact the North Dakota Community Foundation at 701-222-8349.