An endowment refers to gifts that are designated to be invested and not spent. The earnings of the endowment is used for serving the mission. ShareHouse has one endowment:
- The Eagle Fund is an endowment for the future needs of ShareHouse.
A named endowment can be made by a donor giving $10,000. The donor can name the endowment to honor the individual or business they choose and they choose the purpose for the earnings of the endowment. The $10,000 may be paid over a three year period if requested.
North Dakota residents and businesses have a unique opportunity of benefiting the population battling the disease of addiction AND have a personal tax benefit. North Dakota provides a tax credit for individuals and businesses to give more, and through their contributions, have a greater impact.
Individuals have the following incentives
- 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, which ShareHouse Foundation has.
- Planned gifts by individuals qualify for a 40% income tax credit up to a maximum credit of $10,000 per year for individuals and up to $20,000 per year for married couples filing jointly. See N.D. Century Code 57-38-01.21 and 57-35.3. This credit is available to those who itemize expenses on their taxes.
Incentives for businesses include:
- 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
Which institutions qualify?
- “C” corporations
- “Pass-through” entities
- –Subchapter “S” corporations
- –Limited Liability companies
- Estates (if they file an income tax return)
- Financial Institutions
For more information on making a gift, contact ShareHouse Foundation Executive Director, Deb Soliah at 701-478-9530 or email@example.com