Re: Athletic Dept Endowment Funds
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.
I have the honor to be Your Obedient Servant - B.Aud
We all live in stories... It seems to me that a definition of any living vibrant society is that you constantly question those stories... The argument itself is freedom. It's not that you come to a conclusion about it. Through that argument you change your mind sometimes... That's how societies grow. When you can't retell for yourself the stories of your life then you live in a prison... Somebody else controls the story. - S. Rushdie