Athletic Dept Endowment Funds
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/g...for-bison.aspx
The following has allowed me to pay zero income tax to the state of North Dakota the past five years.
Quote:
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.
Re: Athletic Dept Endowment Funds
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.
Re: Athletic Dept Endowment Funds
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.
Re: Athletic Dept Endowment Funds
So a $200 million endowment would pay for all scholarships at present levels?
Re: Athletic Dept Endowment Funds
Quote:
Originally Posted by
Gully
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
Re: Athletic Dept Endowment Funds
Quote:
Originally Posted by
HerdBot
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.
Athletic Dept Endowment Funds
Re: Athletic Dept Endowment Funds
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?
Re: Athletic Dept Endowment Funds
Quote:
Originally Posted by
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?
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.
Re: Athletic Dept Endowment Funds
Thank you...I was coming to the same conclusion, hoping for a different result