The Legacy Fund provides an easy way for you to support the mission of the National Sports Center - to improve the health of Minnesota residents through sports participation. Funding scholarships for under-served populations, improving the NSC campus, and creating new programming are all ways for you to make a difference in the lives of Minnesotans.
The mission of the Legacy Fund is to improve the health of Minnesota residents through sports participation. The Legacy Fund does this by:
You can contribute a gift of cash or marketable securities. You will receive an income tax charitable deduction, if made during the donor’s lifetime, or an estate tax charitable deduction, if the gift is made upon the donor’s death. Gifts can be made as a bequest in the donor’s will or revocable trust, or through a beneficiary designation.
You can find out more by contacting James Nelson at firstname.lastname@example.org or 763.785.5612.
Yes, your contribution is 100 percent tax deductible. We will email or mail you an acknowledgement and a receipt for your contribution.
Cash. This is the most common asset to make as a charitable gift. Upon making the cash gift, you will receive an income tax deduction equal to the amount of the gift. Cash is deductible up to 50 percent of your adjusted gross income (AGI). A five-year carryover is available to any excess deduction made over 50 percent of your AGI.
Appreciated securities is the second most common asset to donate to charity. You can transfer securities to the NSCF Legacy Fund and then the Fund will sell the securities and use the proceeds for its programs. You will receive an immediate income tax deduction for the market value of the securities. You will avoid income tax liability for built-in capital gains on donated securities and the NSCF Legacy Fund will pay no capital gains on the sale of the securities because the Fund is a 501(c)(3) tax exempt organization.
Gifts of Business Interests. If you own shares in a closely-held corporation, a limited-liability corporation (LLC), or an investment partnership, you may give your interest in the corporation (stock), LLC (membership units), or investment partnership interest to the NSCF Legacy Fund. The NSCF Legacy Fund, as the new owner of the business interest, may continue to receive a share of the profits of the business or may sell the shares/business interest to a third party, or back to the business entity. S-corporation stock can be given directly to a 501(c)(3) entity like the NSCF Legacy Fund because Congress has allowed a charity to be a “qualified shareholder” as defined under the tax code. However, a Charitable Remainder Trust (CRT) is not a qualified shareholder, so if S-corporation stock is contributed to a CRT the corporation will lose its S-Corporation status. A charitable lead trust, of structured as a grantor trust, may hold stock in an S-Corporation.
Gift of Life Insurance. You can either name the NSCF Legacy Fund as a beneficiary of the policy insuring your life, or you can transfer ownership of the policy to the Legacy Fund. Upon your death, the insurance proceeds will be paid to the NSCF Legacy Fund. You will receive a charitable deduction for income tax purposes when the donor assigns all incidents of ownership of the policy to the Legacy Fund, or irrevocably designates the Legacy Fund as beneficiary. If you retain ownership of the policy and just name the Legacy Fund as beneficiary but can revoke the beneficiary designation, then your estate will receive an estate tax charitable deduction at your death.
Gift of a Retirement Plan Asset. A retirement plan, like an IRA or 401(k), is the most tax-advantaged asset to give to the NSCF Legacy Fund. Why? Because the Legacy Fund, as a 501(c)(3) tax-exempt entity, will not pay income taxes on the retirement funds when it receives the funds, whereas the donor’s family will be subject to income taxes when they receive the retirement funds. The donor can give all or some of the retirement funds to the NSCF Legacy Fund.
Tangible Personal Property may also be used to give a charitable gift to the NSCF Legacy Fund. Examples include art work, automobiles, antiques, boats and the like. If the property is “related” to the exempt purpose of the NSCF Legacy Fund, the donor’s deduction will be the fair market value of the property, and is deductible up to 30 percent of the donor’s adjusted gross income (AGI), or 50 percent if a special election is made. If the property is unrelated to the exempt purpose of the NSCF Legacy Fund, then the deduction is limited to the donor’s cost basis and deducible up to 50 percent of the donor’s AGI.
There are five special funds set up, each with a specific beneficial purpose:
You can contribute to any of these funds. Or, you may make an undesignated contribution, and the NSCF Legacy Fund board will use your contribution to serve the mission of the organization.
If you would like to make a contribution to establish a special fund for a purpose of your designation, please contact James Nelson at 763.785.5612, email@example.com.
Planned giving is a way for a donor to use one or more financial instruments, such as a will, beneficiary designation, or a trust, in order to leave money or assets during life or upon death. A second way is to invest money so that the donor receives income during his or her life, and then upon death or the end of a term of years, passes the remaining funds to the NSCF Legacy Fund.
Click here for more information on planned giving.
The NSCF Legacy Fund is a 501(c)(3) non-profit organization. The membership of the board of directors: John H. Daniels (chair), Todd D. Andrews, Paul Beggin, Jonah Berndt, Al Gottschalk, Lisa Hockert, John McClellan, Steve Novak, Ivar W. Sorenson, Susan Tabor, Phil Voxland, Todd Johnson, and Kris Bjerkness.
The information presented here is a general overview of charitable giving options. The actual deduction to a donor depends on many factors, including the donor’s adjusted gross income, the type of charity donated to, and the type of property/asset given. All donors should consult with their attorney, financial planner, or tax accountant prior to making substantial gifts, as the tax rules for charitable giving can be very complex.