Support The Village and Earn Up To 40% in Tax Credit
Both Individual and Business Gifts to the Children’s Village Family Service Foundation Qualify for North Dakota’s Expanded State Tax Credits
Today, there’s never been a better time to show your commitment to North Dakota’s people, with a new, expanded state tax credit. This cutting-edge legislation was signed in April 2011, and is a rare achievement. The tax credit makes it possible for individuals and financial institutions to give more, and through their contributions, have a greater impact on the wellness of North Dakota’s people.
In fact, an individual may receive a 40% tax credit for contributing $5,000 or more (lump sum or aggregate in one year) to a qualified North Dakota endowment like The Village. Likewise, financial institutions are now eligible for a tax credit for endowment gifts to qualified endowments, the same credit provided to other North Dakota businesses. The state income tax credit for businesses amounts to 40% of the value of the gift, up to $10,000 per year.
Credit for Business Gifts to North Dakota Endowment Funds:
- State income tax credit of up to 40% of the value of the gift, with a maximum credit of $10,000 per year
- Unused credit may be carried forward for up to 3 taxable years
- “C” corporations
- “Pass-through” entities
- Subchapter “S” corporations
- Limited Liability companies
- Estates (if the file an income tax return)
- Financial Institutions
Credit for Individuals:
- An individual may receive a 40% tax credit for contributions of $5,000 or more (lump sum or aggregate in one year) to a qualified endowment.*
- Planned gifts by individuals qualify for a 40% income tax credit up to a maximum of $10,000 per year for individuals and up to $20,000 per year for married couples filing jointly.
* This credit is available to those who itemize expenses on their taxes.
Frequently Asked Questions
A: A qualified endowment is an irrevocable fund held by a North Dakota incorporated or established organization that is a qualified nonprofit; or a bank or trust company holding the fund on behalf of a qualified nonprofit organization.
A: The Children’s Village Family Service Foundation is a qualified endowment fund, and the whole purpose of foundation is to provide annual support to programs of The Village Family Service Center.
A: All of The Village programs benefit from charitable giving. These include:
- Big Brothers Big Sisters
- Counseling & Behavioral Health Services
- Family-Based Services
- Family Group Decision Making
- Financial Resource Center
- First Step Recovery
- Nokomis Child Care Centers
- Pregnancy Counseling
- The Village Business Institute
- The Village Family Magazine