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Corporate Philanthropists Get Relief from SALT Cap on Charitable Donations

Businesses frequently make cash donations to charitable organizations. But what happens to the deductibility of those donations under the state and local tax limitations imposed by the 2017 tax law? This issue continues to be the subject of discussion, but your business clients should be encouraged by the IRS’s commentary. The IRS has taken the position that a business taxpayer can usually deduct …

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FM Area Foundation Welcomes Three New Board Members

Katrina Turman Lang, Gary Nolte and Toni Sandin have joined the Board of Directors of the FM Area Foundation. "We are honored to have a Board of Directors comprised of talented and knowledgeable individuals who are dedicated to supporting the community," said Tim Beaton, Executive Director. "Katrina, Gary and Toni all bring unique perspectives that will help encourage philanthropy in our area." …

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Giving Season with a Family Philanthropy Refresher

If you’re like most advisors today, you’re seeing an uptick in clients’ questions about charitable giving techniques that go beyond the nuts and bolts of tax law. Attorneys, accountants, and financial advisors hold trusted positions with philanthropic families to offer not only suggestions for tax planning in support of favorite causes, but also to be aware of perspectives that will make the chari…

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Grant Allows Barnesville Ambulance to Purchase Life-Saving LUCAS Device

The FM Area Foundation has awarded a $8,993 grant to the Barnesville Ambulance to purchase a LUCAS 3 manual CPR device. The LUCAS is a mechanical chest compression device that delivers high quality, guidelines-consistent chest compressions to sudden cardiac arrest patients.   The Barnesville Ambulance has one LUCAS device, which has been credited with saving at least five lives over the last two …

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IRA Charitable Rollover Distribution to Create a Designated or Scholarship Fund

When available, donations from IRAs are one of the best charitable giving tools after tax reform. They completely avoid the standard deduction and give the donor a full dollar-for-dollar benefit. For federal tax purposes, qualified distributions up to $100K from an IRA made directly to charitable organizations are excluded from the owner’s gross income, if the distributions are made on or after t…

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“Bunching” Charitable Giving with a Donor Advised Fund

Most taxpayers won’t accumulate enough itemized deductions to exceed the new standard deduction. But if they plan deductions to be incurred over every other (or every third) year, they may periodically exceed the standard deduction and secure a tax benefit for their charitable donations in that “bunched” year. The key is pushing some deductions off to a future year and then, in that year, acceler…

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Foundation Awards 2019 Community Grants

The FM Area Foundation has awarded the 2019 community grants in the areas of Arts, Culture & Creativity; Basic Human Needs; Community Building; and Education. The Foundation's community grant rounds are funded by unrestricted and field of interest gifts. Nonprofits apply to one of the four focus areas through a competitive grant process. Grant applications are evaluated by Foundation staff, a…

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New Fund Supports Initiatives in Moorhead

Community members have an opportunity to support Moorhead initiatives in a new way. The City of Moorhead recently established a fund at the FM Area Foundation to accept donations for activities, programs, amenities and initiatives. It is called the Moorhead Community Fund and donations to the fund, which will be used for the betterment of Moorhead, are tax-deductible. “Residents of a growing, en…

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Foundation Awards Scholarships for 2019-20 Academic Year

It’s back to school time and the FM Area Foundation has been busy sending scholarship dollars to higher education institutions for local students. This year, we awarded $262,022 in scholarships to 200+ deserving students. FM Area Foundation scholarships are funded by donors who establish funds to support students working to reach their full potential through higher education and training. Congra…

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Women's Fund Awards Community Grants

The FM Area Foundation's Women's Fund recently awarded grants to 13 local organizations totaling $48,120 to help inspire girls and empower women.  This year's grant recipients are:  BIO Girls for BIO Girls Program Diversification Boys & Girls Club of the Red River Valley for Positive Action, Positive Girls Immigrant Development Center for Economic Stability of Women Inspire Innovation L…

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