Athletic Dept Endowment Funds

[roadwarrior]

There are two endowment funds at NDSU specifically for the Athletic Department:

Scholarship fund - earnings from these endowments help pay for student athlete scholarships. The remainder is paid by Teammakers. This fund is now over $38 million.

Program operations fund - earnings from these endowments help support specific sports expenses. This fund is now over $11 million.

Read the article released by NDSU yesterday:

https://gobison.com/news/2020/5/18/general-ndsu-athletics-endowment-provides-long-term-support-for-bison.aspx

The following has allowed me to pay zero income tax to the state of North Dakota the past five years.


All donations made to the NDSU Athletics endowment fund are 100 percent tax-deductible charitable gifts. North Dakota residents may take an additional 40 percent state income tax credit.

[roadwarrior]

There are 212 endowment funds which provide support for athletic scholarships. For the 2021-2022 year, the earnings from those endowments will provide $1,365,000 to NDSU for scholarship costs. The principal value has grown to over $40 million.

Nearly 80 of the endowments are funded by former NDSU student athletes.

[HerdBot]

Wow good info. I didn't realize we had an endowment fund. Long term, that could be a monster. Right now it's paying 20% of all scholarships just based on existing.

[Gully]

So a $200 million endowment would pay for all scholarships at present levels?

[HerdBot]

So a $200 million endowment would pay for all scholarships at present levels?

By my amateur math it's close. If 40 million provides $1.5 million of the $5.8 million scholarship bill, wouldn't 160 million be 6 million?

If that can keep growing, Teammakers role could change and they could take on building projects

[roadwarrior]

By my amateur math it's close. If 40 million provides $1.5 million of the $5.8 million scholarship bill, wouldn't 160 million be 6 million?

If that can keep growing, Teammakers role could change and they could take on building projects

Teammakers is raising the money and paying for the new outdoor track. So it is already happening.

[Rock]

Already posted

[fanbison]

This is great stuff and informative. I have a question for the Tax\CPA folks out there. The endowment page references all charitable contributions are 100% tax deductible, and then references the ND Tax effect. The vast majority of us mature folks now take the standard deduction (since it's increase) vs itemizing....primarily because we are on the back 1/3 of mortgages and live in a relatively low tax state. So, the question....Is the 100% tax deductible statement still accurate?

[bisonaudit]

This is great stuff and informative. I have a question for the Tax\CPA folks out there. The endowment page references all charitable contributions are 100% tax deductible, and then references the ND Tax effect. The vast majority of us mature folks now take the standard deduction (since it's increase) vs itemizing....primarily because we are on the back 1/3 of mortgages and live in a relatively low tax state. So, the question....Is the 100% tax deductible statement still accurate?

I’m not a tax professional so do not construe this as actual advise but my understanding is that there is a limited deduction available to those who take the standard deduction for cash contributions to certain qualified charities limited to something like 600 dollars.

[fanbison]

Thank you...I was coming to the same conclusion, hoping for a different result

[roadwarrior]

The North Dakota tax credit alone makes it a pretty sweet deal.

[bisonaudit]

The North Dakota tax credit alone makes it a pretty sweet deal.

Is the credit available whether or not you itemize on your federal return? Seems like maybe it is but it wasn’t explicit in the language of the first couple google results I looked at.
Minimum gift 5000 to qualified endowment. Can carry credit forward for three years.

[HerdBot]

Teammakers is raising the money and paying for the new outdoor track. So it is already happening.

https://c.tenor.com/JIvDgRVzN_EAAAAC/waynes-world-were-not-aware-of-that.gif

[roadwarrior]

Is the credit available whether or not you itemize on your federal return? Seems like maybe it is but it wasn’t explicit in the language of the first couple google results I looked at.
Minimum gift 5000 to qualified endowment. Can carry credit forward for three years.

Yes it's available both ways.

[Hammerhead]

I should look into that more since we haven't itemized our federal deductions in years. We're also trying to get a more formal estate plan in place to dole out our assets when we kick the bucket.

[HerdBot]

This is from June 2022, but the athletic scholarship fund has grown to 70 million plus 23 million for an operational endowment. Once the IPF (phase 2 opening this spring), softball indoor hitting facility and Dacotah Field upgrades are complete, the focus will go to getting the endowment fund up to 125 million, which will fund 100% of athletic scholarships. Then Teammakers can be exclusively used for other projects

https://www.inforum.com/sports/bison-media-zone/mens-sports/ndsus-athletic-scholarship-endowment-quietly-goes-over-70-million

[oldmantutters]

Maybe then they will finally be able to afford buying out ol' richy

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[El_Chapo]

Maybe then they will finally be able to afford buying out ol' richy

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hey now. won 3 straight vs und sdsu usd to be 4 - 11!

no mention that those 3 are 3 bottom feeders