The Trustee Committee met on December 13th and awarded $41,681.35 in grants from the general fund to 23 local charities. In addition, they approved the distribution of $40,729.79 to designated charities from the restricted funds. We said good bye to Maribeth Bradley and Mike Dunn as they completed their five year terms. Replacing them are Jan Visby, representing the Chamber of Commerce and Kelly Swenseth, representing the District Court Judge.
The IRA Charitable Rollover is back! In December 2015, the President signed the PATH Act into law. This makes the IRA Charitable Rollover permanent. 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.
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.