Donations to a Qualified Endowment

The state of North Dakota has passed legislation which allows a significant income tax credit for gifts to a permanent, irrevocable endowment fund of a North Dakota qualified charity. Plains Art Museum has a qualified endowment fund that meets state requirements. The purpose of the Plains Art Museum endowment fund is to give ongoing financial support and further the mission of the Museum.

Qualified donors will likely find that well over 50 percent of their gifts will be “subsidized” through state and federal tax incentives.

In addition to eligible individuals, businesses that are included are:

  • Partnerships
  • Limited Liability companies
  • C corporations
  • Subchapter S Corporations
  • Estates
  • Trusts
  • Banks

Individuals

  • Aggregate minimum contribution to a charity in a year is $5,000. (This can be made in multiple gift amounts but the total to the organization needs to be 5,000 or greater).
  • Individual receives a 40 percent tax credit. (This is a direct reduction in North Dakota state income tax, not just a decrease to taxable income).
  • Maximum gift contribution is $25,000 for an individual resulting in $10,000 of North Dakota state income tax credits.
  • Maximum gift contribution is $50,000 for married individuals filing a joint return. This results in $20,000 of North Dakota state income tax credit.
  • Unused tax credits may be carried forward for up to three additional years.

Businesses

  • Aggregate minimum contribution to a charity in a year is $5,000.
  • Maximum gifts are $25,000 for a Business resulting in $10,000 of North Dakota state income tax credits.
  • Unused tax credits may be carried forward for up to three additional years.

Your endowment gift can be designated to support specific program areas at the Museum including education, school tours, children and family programs, permanent collection acquisitions, art conservation, exhibitions, and more. To learn more about Plains Art Museum or to schedule a behind-the-scenes tour or visit, please contact Sandy Thompson at 701.551.6122 or  sthompson@plainsart.org.

We encourage you to consult with your accountant, financial advisor, or attorney. Or, for additional information on how to formalize your gift plans or assist you with this process, contact Museum CFO Mark Henze at 701.551.6130 or mhenze@plainsart.org.

Thank you.