Handi-Wheels ND Tax Credit Endowment Fund
Handi-Wheels has recently established the Handi-Wheels ND Tax Credit Endowment Fund. We have worked closely with professional counsel so that gifts to this recently-established endowment fund will qualify for the major tax incentives established under 2007 and 2011 North Dakota legislation.
The purpose of our new endowment fund is to provide ongoing financial support in furtherance of the mission of Handi-Wheels.
The operating policies of our endowment fund allow for only limited distributions from the donors’ gift contributions (principal). The income and net appreciation from the fund’s invested assets may be used to support the mission of Handi-Wheels.
The State of North Dakota encourages charitable giving by offering individuals and businesses a 40% tax credit for qualifying gifts. Cash gifts from individuals must be $5000 or greater and must be placed in a qualifying endowment. The tax credit is equal to 40% of the charitable deduction up to a maximum tax credit of $10,000 per year per taxpayer or $20,000 per year per couple filing jointly. Unused credits may be carried forward for up to three additional tax years.
This unique tax credit also applies to planned or deferred gifts (e.g. charitable trusts, gift annuities, life insurance policies, etc.) to a qualified ND charitable nonprofit or a qualified ND endowment.
The tax credit:
· Empowers North Dakotans to give more and have greater impact in our state.
· Keeps money in ND and working to address important needs of our citizens.
· Builds nonprofit sustainability and supports charitable missions.
· Strengthens quality of life in North Dakota.
To qualify, cash gifts must be placed into a permanent endowment that benefits a North Dakota charitable nonprofit organization.
Gifts to this new endowment fund will enable us to look to the future with increased confidence as we continue to fulfill our vital mission. If you are a North Dakota individual taxpayer or an owner of a qualifying business or other entity, we hope that you will consider a gift to the Handi-Wheels ND Tax Credit Endowment Fund. Your gift would be highly valued and appreciated!
When you give to Handi-Wheels, your gift does triple duty: 1) Qualifying gifts over $5,000 benefit you through a 40 percent North Dakota state income tax credit. 2) It funds services to help people today. 3) It will provide a guaranteed source of income Handi-Wheels can rely on to meet future needs.
Disclaimer: The above article is intended to provide information of a general nature only. It should not be construed as legal, tax and/or financial advice. Readers are urged to consult their own professional advisors for their specific situations.
Gifts to Handi-Wheels are tax-deductible under Federal income tax law.
If you have any questions about the endowment fund, please call Tonna Horsley at 701-232-3231.