The Minnesota Dental Foundation provides a means for dentists and others to experience the collective power of giving, with an opportunity to invest in the future of dentistry and the future of the people and communities it serves. Dentists always have given their time, energy and services both at home and abroad, and the Minnesota Dental Foundation provides yet another avenue for giving back to the community.
There are many different ways to contribute assets to the Minnesota Dental Foundation, each with its own potential income and estate tax benefits. You should contact your attorney or tax advisor regarding the deductibility of gifts to the Minnesota Dental Foundation.
A short note from Dr. Stephen Litton
Amazon has announced that they have added the capability for Amazon Smile on mobile phones. Each time you shop at Amazon, go through Smile.Amazon.com and select the Minnesota Dental Foundation as your charity of choice at no cost to you. A percentage of all your purchases will automatically be sent to the Minnesota Dental Foundation – an easy way to help another underserved patient receive much-needed dental care.
How to select the Minnesota Dental Foundation on your Amazon app:
Download or update to the latest version of the Amazon Shopping app on your phone. You can find it in the App Store for iOS or Google Play for Android. Open the app and find ‘Settings’ in the main menu (☰). Tap on ‘AmazonSmile’ and follow the on-screen instructions to turn on AmazonSmile on your phone.
How to select the Minnesota Dental Foundation on your desktop browser:
Visit smile.amazon.com and select the Minnesota Dental Foundation to set up AmazonSmile on your desktop computer or tablet or smart phone.
Ways to Donate
Cash gifts are easy and convenient and provide an immediate financial benefit to the Minnesota Dental Foundation. Cash gifts provide the donor with recognition of the gift from the charity and the public both during life and after death.
Stocks or other highly appreciated assets can be gifted directly to the Minnesota Dental Foundation, providing a donor with a significant income tax savings by avoiding capital gains tax if the gift is made during the donor’s lifetime. This is an alternative to selling highly appreciated assets and donating the proceeds to the Minnesota Dental Foundation as a cash gift. For appreciated stock that is held for less than one year, only the cost basis can be deducted. Contact your financial advisor as well as the Minnesota Dental Foundation for the proper documentation.
Retirement assets can be gifted by making the Minnesota Dental Foundation the beneficiary, simply by filling out a change of beneficiary form.
Life insurance policies can also be gifted to the Minnesota Dental Foundation by listing it as the beneficiary.
IRA Qualified Charitable Deduction (QCD) is available to those individuals over 70 1/2 who wish to donate up to $100,000 to a charity directly from their IRA. The age restriction was increased to 72 by the SECURE Act starting in 2020. By directly donating the qualified charitable deduction (QCD) to a charity, any amount up to $100,000 is not counted in your taxable income, thus reducing your taxes owed to the Federal Government. This gift will help satisfy your Required Minimum Distribution (RMD) for the year.
In addition, the QCD can be made starting at 70 ½ – it did not increase to 72 with the SECURE Act. Contact your custodian and request a donation of an amount up to $100,000 to the Minnesota Dental Foundation.
Charitable trusts can either be established during the donor’s lifetime, which provides an income tax deduction, or they can be established at death, which provides an estate tax deduction. There are two major types of charitable trusts: Charitable Remainder Trust (CRT), where the individual receives payments until the end of the selected term and the Minnesota Dental Foundation receives the remainder, and Charitable Lead Trust (CLT), where the Minnesota Dental Foundation receives payments until the end of the selected term and the balance is returned to the individual or another individual or entity the donor has specified.
Making A Donation
Contributions may be made by credit card or check, payable to the Minnesota Dental Foundation, 1335 Industrial Blvd, Minneapolis, MN 55413-4801. Donations of appreciated securities are also accepted. Please contact the Minnesota Dental Foundation at 612-767-8400 for more information.
The Minnesota Dental Foundation has been very fortunate to have a large number of its members donate on a regular basis. Foundations, corporations, dental organizations and numerous individuals have made significant cash contributions to the Foundation as well. In addition, there are many corporations that have generously donated supplies, equipment and services to support the vision of the Minnesota Dental Foundation. We are very grateful to everyone who has contributed to the Foundation.