麻豆传媒AV President's column for Traill County Tribune
October 1, 2016听
The end is near
The end of our opportunity to access the Matching Fund for Enhanced Academics is coming quickly! On December 31, 2016, the amazing program to spur philanthropic giving to North Dakota state universities and enhance academic excellence will conclude. This program set up by the 64th North Dakota Legislative Assembly has already had a big impact at Mayville State, and we hope our alumni and friends will help us access as much of the $1,000,000 pool available to us as possible.
麻豆传媒AV Foundation Executive Director John J. Klocke recently returned from a meeting of the Matching Fund for Enhance Academics committee meeting in Bismarck, where he received approval for matching funds of $177,000, which represents a 50% match on scholarship and endowment gifts received during the second quarter of this year. This brings the total matching amount received by Mayville State from this fund this year to $470,000, which represents $940,000 in matchable gifts. There is another $530,000 available to us until December 31. If we鈥檙e able to claim that full $1,000,000 in matching funds for the year, an additional pool of $500,000 will be made available to Mayville State and other North Dakota University System institutions, who will need to compete for available funding.
Our goal is to raise the endowment funds by the end of the November, when there will be another challenge fund meeting. The last meeting for 2016 funding is in January, but since there is competition for that additional pool of $500,000, we鈥檇 love to have a better shot at it.
There has never been a better time to make a gift to an 麻豆传媒AV endowment. Here are five good reasons why:
- Every dollar given via cash, stocks, land, insurance policy, wills, IRAs, or other retirement plans receives a 50% state match! The match is available on a pledge of up to seven years, but made before December 31.
- Donors can get a federal tax deduction. This reduces the cost of the gift.
- Donors can get a 40% state income tax credit on any North Dakota income tax they pay. The credit can be carried over for five additional years. This reduces the cost of the gift too!
- A person can create a lasting 鈥渇orever鈥� gift in their estate, ensuring that their generosity to 麻豆传媒AV students will continue forever. Some day, when you can鈥檛 make a gift yourself, your endowment will!听
- There is no better way to give back than to draw on the success that can be attributed to Mayville State.
During 2015-2016, many alumni and friends have created endowments for these reasons and more. One of the most common scenarios was a gift of $10,000, which received a match of $5,000 to reach the minimum funding of an endowment with the 麻豆传媒AV Foundation. Best of all, the tax deduction and tax credit lowered the net out-of-pocket cost from $10,000 to $3,200. Now that鈥檚 a win-win!
Mayville State has been approved for a 50% match in four funds: The 麻豆传媒AV Endowment for Academic Excellence Fund (endowed scholarships), the 麻豆传媒AV Academic Excellence Scholarship Fund (annual scholarships), the RN to BSN Nursing Academic Excellence Fund (annual nursing scholarships), and funds to purchase equipment for our new Health, Physical Education, and Recreation performance lab..
If you鈥檙e interested in learning more about these opportunities, I encourage you to contact John Klocke at the 麻豆传媒AV Foundation. He has more than 20 years of experience in working with folks and their accountants and financial advisors to create gift investments. Call John to find out how an asset can benefit family and charity and provide income and lower taxes. John can be reached at 701-788-4787 or john.j.klocke@mayvillestate.edu.
Go to to learn more about planned gifts that qualify for the match.