Becoming a Donor
Gifts to the Foundation may be deductible from the donor’s adjusted gross income since the Internal Revenue Service has issued a determination letter exempting the DLAF from Federal income tax under Section 501(c)(3).
There are several ways of making gifts:
- Securities such as stocks, bonds, mutual funds
- Naming DLAF as beneficiary on a life insurance policy
- By bequest under your Last Will & Testament (Gifts made under a person’s Last Will are deductible for estate tax purposes.)
Did you know that by making an endowed gift to the Devils Lake Area Foundation you may be eligible to receive a 40% tax credit on your North Dakota Income Tax Return? DLAF is a qualified community foundation. Gifts to DLAF become part of a permanent endowment, while the income is distributed to local non-profit organizations benefiting our local community. Endowed gifts of $5,000 or more may be eligible. Contact us or your accountant to find our more about this unique opportunity.
IRA owners over the age of 70½ can make gifts up to $100,000 from their IRA directly to charities such as DLAF. These distributions may satisfy your required minimum distribution. It is a great way to support your cause without impacting your checking or savings account balances. Gifts are not reportable as taxable income and work great for individuals who do not itemize their deductions.
A donor may designate that his or her contribution be used as a memorial for a friend or relative or to honor someone on a special occasion. These gifts are acknowledged to the family of the deceased or the honoree unless the donor prefers to remain anonymous.
All contributions remain invested within the fund as a permanent endowment.
Since 1975 DLAF account balance has grown to $6,300,000 and has distributed $1,456,000 in unrestricted grants.
DLAF also offers Donor Advised Funds. These can provide an immediate tax deduction. Plus, you stay involved by recommending grant distributions to your favorite qualified charity each year. Call for more information.
Click here to print contribution form.