ND Challenge Grant & Tax Credit
Would you like to have a greater impact on the future of North Dakota and Minot State University while realizing significant tax savings? The current ND Challenge Grant Program, paired with the ND Tax Credit, creates a unique opportunity to have the impact of your gift multiplied.
North Dakota Challenge Grant
The North Dakota Challenge Grant allows individuals to make gifts to Minot State University and receive matching funds. Minot State has been allotted nearly $1 million in matching funds that can be utilized for the advancement of higher education academics. The programs allow for a 50% match to scholarship endowments and other areas such as technology, educational infrastructure, classroom enhancements, and equipment.
| Donor gift amount | $5,000 | $10,000 | $15,000 | $20,000 | $25,000 |
|---|---|---|---|---|---|
| Challenge Grant match | +$2,500 | +$5,000 | +$7,500 | +$10,000 | +$12,500 |
| Total amount of gift | $7,500 | $15,000 | $22,500 | $30,000 | $37,500 |
North Dakota Tax Credit
The North Dakota Tax Credit for Charitable Giving provides for a 40% ND tax credit on qualified charitable contributions of $5,000 or more. Any unused portion of the tax credit can be carried forward for up to three taxable years. The maximum tax credit is $10,000. For couples filing joint returns, a $20,000 maximum tax credit applies.
| Donor gift amount | $5,000 | $10,000 | $20,000 | $25,000 |
|---|---|---|---|---|
| ND Tax Credit | -$2,000 | -$4,000 | -$8,000 | -$10,000 |
| Federal tax deduction (24% bracket)* | -$720 | -$1,440 | -$2,160 | -$3,600 |
| Actual net cost of gift | $2,280 | $4,560 | $6,840 | $11,400 |
*IRS regulations now require the original gift amount to be reduced by the amount of the state tax credit received, for purposes of calculating the federal income tax charitable deduction.
For more information please contact Rick Hedberg at 701-858-4483 or at Rick.Hedberg@MinotStateU.edu.
