Support NVMS: Give the Gift of Music
North Valley Music School serves up to 400 students annually. Community outreach and free recitals occur around the valley at local retirement homes, local venues and churches, the Whitefish Farmer’s Market, and Camp Festival Amadeus. Scholarships are available for all ages. Tuition covers about 70% of operating costs, remaining expenses are raised through grants, donations from individuals, businesses, and fundraisers.
We ask that you consider a tax-deductible donation to our school so that we can continue bringing music to the community. Donations can take the form of cash, in-kind donations or planned giving. We accept donations of musical instruments, music, housing for our out-of-town teachers, etc. We also accept planned gifts including the donation of stocks, bonds, and securities. Donations can be made directly to NVMS or to our Endowment Fund.
Endowment gifts may be made to the General Endowment Fund through the Whitefish Community Foundation, which supports the school through operating expenses or designated for a particular use.
Corporate Sponsorship Information and Signup
Corporate Partnerships are a great way to support your community through your business. There are 3 levels available and each has it’s benefits. Please call the school for more information.
Please specify the amount you’re donating in Paypal.
Corporate Partner: Great Room Sponsor, Annual Donation of $2000.00
What is the Montana Endowment Tax Credit?
What if there was a way to get up to a $10,000 credit on your Montana State income taxes while benefiting your community? Originally enacted in 1997, the Montana Income Tax Credit for Endowed Philanthropy encourages charitable giving to qualified endowments by offering incentives to Montana taxpayers. It expires December 31, 2019.
The Montana Endowment Tax Credit allows donors to pay less in Montana state income taxes when they give a qualifying planned gift to a qualified Montana charitable endowment like the Whitefish Community Foundation’s permanent endowment fund or any of the Nonprofit Endowment Funds held by the Community Foundation.
An endowment is a fund held by a tax exempt organization where the principal of the fund is not wholly expendable. Only the interest and appreciation earned in an endowment fund can be used for current operations. Endowments are established to help Montanans meet long-term needs in our communities for education, social services, health care, economic development, the arts and more.
Individual Planned Gift:
Individuals who make a planned gift to a qualified Montana endowment fund will receive a Montana tax credit of 40% of their gift, with a maximum credit of $10,000 ($20,000 for joint filers).
Business/Corporation Outright Gift:
Businesses and corporations that make a direct gift to a qualified Montana endowment fund will receive a tax credit of 20% of their gift, with a maximum credit of $10,000. [Applies to corporations, small business corporations, partnership or limited liability company taxpayers.]
Act Now: Contact the Whitefish Community Foundation and they will share a list of over 20 qualified nonprofit endowment funds and you may select either one or several organizations you would like to benefit with your gift. You may also set-up your own permanent named fund. WCF will set up a deferred gift annuity, an easy planned gift that will allow you to take advantage of the tax credit.
For example, with a gift of $20,000, you would receive BOTH a federal charitable deduction of $18,057 and a Montana State tax credit of 40% of this gift (based on a joint gift) totaling approximately $7,222. This amount would be a direct credit to the taxes you owe to the State of Montana. (The amounts are hypothetical and will vary depending on life expectancy, age at the time of the gift and your income tax level). The Whitefish Community Foundation will hold this gift in an annuity fund where it is invested and grow with earnings. Once you release the contract on the deferred gift annuity, it will roll into the qualified endowment fund(s) you have designated with interest and be put to work benefiting our community. The gift must be held in the annuity fund for a minimum of five years before it can be released.
This is just one example of how you can take advantage of the Montana Tax Credit. There are many ways to set-up a planned gift that can help you with your end of year tax planning.
Call Linda at 406-863-1781 or email Whitefish Community Foundation
if you would like to set-up a gift to take advantage of the Montana Endowment Tax Credit.
Read more at the Endow Montana website.
Montana Code Annotated
- Definition of a Planned Gift 15-30-2327(1) MCA
- Definition of a Qualified Endowment 15-30-2327(2) MCA
- Defining the Tax Credit for Planned Gifts 15-30-2328 MCA
- Defining the Tax Credit for Outright Gifts by Business Entities 15-31-161 and 15-31-162 MCA
- Charitable Gift Annuity Exemption Act 33-20-701 thru 705 MCA
- Uniform Prudent Management of Institutional Funds Act 72-30-101 thru 103 MCA
Contact your financial adviser to see if the Montana Endowment Tax Credit is right for you.