Federal Tax Advantages
The University of Montana Foundation is a 501(c)(3) organization. Gifts to the UM Foundation may qualify you for federal income tax charitable deductions and capital gains tax savings as allowed within the limits of the Internal Revenue Code.
Coronavirus Aid, Relief, and Economic Security Act (CARES Act)
The CARES Act makes it easier for donors to support UM students facing unexpected financial hardship due to the COVID-19 pandemic. Cash gifts of up to $300 given in 2020 to qualified charities like the UM Foundation are eligible for a new charitable deduction under the legislation. Learn more on our CARES Act page.
Montana State Tax Advantages
College Contribution Credit
Any individual, corporation, partnership, small business corporation, estate, or trust who pays taxes in Montana and makes a gift to a general endowment fund at the University of Montana Foundation may qualify for the College Contribution Credit. The credit is 10% of the charitable deduction value of the gift up to a maximum credit of $500.
Montana Endowment Tax Credit
Since 1997, Montana law has provided a special tax credit for certain types of gifts to nonprofit organizations, including the University of Montana Foundation. This credit is offered to individual taxpayers, small businesses, corporations and estates, and augments the federal tax deduction.
Individuals who make a qualifying gift may claim up to $10,000 or $20,000 per couple. Business may claim a maximum of $10,000.
Please visit the Montana Endowment Tax Credit FAQ page for additional details on how to qualify.
For more information on federal or state tax advantages, please contact Alison Schultz, Associate Director of Gift Planning.