Did you know that you may receive certain tax benefits by charitably supporting UND?
Most gifts through the UND Alumni Association & Foundation are eligible for federal tax deductions. Additionally, North Dakota residents may receive a tax credit on certain types of gifts.
Deductible Gift Types
Gifts to the UND Alumni Association & Foundation are deductible as charitable contributions within the limits of the Internal Revenue Code.
A note on Canadian gifts: Due to the restrictions of Canadian law, gifts to the UND Alumni Association & Foundation do not qualify for a charitable deduction on a Canadian tax return. Consult your advisor for more information.
North Dakota Income Tax Credit
There are two ways North Dakota taxpayers may be eligible for an income tax credit on their gift to UND:
- Support an endowment at the UND Alumni Association & Foundation.
- Make a planned gift to a cause at UND through the UND Foundation. Some restrictions and minimums apply, please contact the UND Alumni Association & Foundation with any questions.
Different from a tax deduction, few states offer charitable tax credits of any kind. North Dakota does. This is a great strategy to make an impact at UND.
North Dakota residents, businesses and financial institutions may qualify for a 40% tax credit on the value of their gift to a University of North Dakota endowment (minimum gift of $5,000 – lump sum or aggregate in one year).
Businesses (including C corporations, S corporations, estates, limited liability companies and trusts) may carry forward any unused credit for up to 3 taxable years (financial institutions excluded).
Certain planned gifts may qualify for the income tax credit of 40% of the charitable deduction created by the gift. Credit may be claimed the year of the gift; any excess credit may carry forward 3 years.
The maximum credit for a single tax year is $10,000 for an individual, $20,000 for a married couple and $10,000 for business entities.
This information is provided as an educational service to our donors and is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. State law may further impact your individual results.