SMCHS Endowment for Operations and Tuition

 In the fall of the 2008-2009 school year, St Mary’s Central High School established an endowment called the St. Mary’s Central High School Endowment for Operations and Tuition. Your donation is invested; the principal will remain intact in perpetuity. The interest is used for the sake of school operations and tuition.

Giving to the Endowment

A Legacy and Long-Term Investment


Our endowment is a financial mechanism wherein funds are saved, invested, and then generate annual interest. As the base money for the endowment continues to grow, so does the number of ways that this endowment can be used to benefit St Mary’s Central High School.
This endowment is structured to support the annual operating costs of the school as well as tuition for students who could not otherwise afford to attend St. Mary’s.

*The funds in this endowment are not part of St. Mary’s Central High School’s general assets and are protected from general creditors of the school.

*The endowment is managed by an endowment board, made up of 5 members:
  • School Board President
  • St. Mary’s Superintendent
  • President of St. Mary’s Alumni Association
  • Member-at-large
  • Member-at-large

Endowment Gift form

 

 
Tax Credits for North Dakota Taxpayers
on Gifts to SMCHS
 
Legislation in the State of North Dakota offers tax credits on gifts to St Mary’s Central High School’s Endowment  for Operations and Tuition and on qualified planned gifts to the School.
 
Businesses and Financial Institutions
Businesses and financial institutions (C corporations, S corporations, estates, limited liability companies and trusts) that make gifts to qualified endowments are eligible for a state income tax credit of 40 percent of the value of the gift, up to a maximum credit of $10,000 per year. Any unused credit may be carried forward for up to three taxable years.
Individuals
Individuals now have two ways to benefit from North Dakota’s generous new tax legislation:
Planned Gifts
Individuals who establish a Planned Gift are eligible for a state incometax credit equal to 40 percent of the gift up to $10,000 per person, $20,000 for a married couple with any excess unused credit to carry forward up to 3 years. This tax credit for planned gifts is unique to North Dakota and gives North Dakotans a remarkable opportunity to make meaningful gifts to St. Mary’s and get a significant reduction in their income tax bills.
Endowment Gifts
An individual may receive a 40 percent tax credit for contributions of $5,000 or more (lump sum or aggregate in one year) to a SMCHS. If a donor is in a 28 percent federal tax bracket, the tax benefit may look like this:
 
Gift amount
$5,000
$25,000
$50,000
Federal tax deduction
-$1,400
-$7,000
-$14,000
N.D. state income tax credit
-$2,000
-$10,000
-$20,000
Net cost
$1,600
$8,000
$16,000