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Thread: Sanford Health/Summit League relationship

  1. #41
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    Default Re: Sanford Health/Summit League relationship

    Quote Originally Posted by MontanaRabbit View Post
    So if T Denny donated directly to SDSU is it not a taxable write-off?
    Both Sanford and Sanford Health have made major donations to SDSU. Sanford's direct donations are tax deductible just like yours and mine are. In general, an individual can not designate specifically who is to benefit from a donation. For example I could not endow a scholarship and then limit eligibility for that scholarship to my own descendants. I don't know if someone can legally, i.e. retain tax benefits, if they donate to one non-profit with the stipulation that those funds would be for the benefit of another non profit. In any case, it would be adding what would seem to be an unnecessary step.

  2. #42
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    Default Re: Sanford Health/Summit League relationship

    Quote Originally Posted by Rabbit74 View Post
    Both Sanford and Sanford Health have made major donations to SDSU. Sanford's direct donations are tax deductible just like yours and mine are. In general, an individual can not designate specifically who is to benefit from a donation. For example I could not endow a scholarship and then limit eligibility for that scholarship to my own descendants. I don't know if someone can legally, i.e. retain tax benefits, if they donate to one non-profit with the stipulation that those funds would be for the benefit of another non profit. In any case, it would be adding what would seem to be an unnecessary step.
    I agree with your comments. There are what they call private foundations which all our current and former US presidents have and are often in the news and that is as far as I go with that. I understand that Carson Wentz has set one of these up with the big money he received his first year. The private foundations themselves have to have a separate and independent board of directors who then distribute donations received. I understand that Carson contributed to his private foundation, which no doubt is a 501c3 IRS tax exempt status and his board, which he controls being he is president, then distributes what he contributed to his private foundation and what the organization raised in funds. He has several religious activities that his private foundation funds. Here is a link to his foundation: https://www.ao1foundation.org/ I think with T Denny his situation is much more complex and control? I think he knows how his money is being spent. I think also he has control and no doubt listens to his tax advisers. I am just a former tax preparer and this is a complex topic. I know in applying for grants from private foundations, they often ask how your use of the grant will benefit their members and associates. I found that out in applying for a grant to fix up a senior center. The private foundations do not just give money away. They too want some control.
    Last edited by Nidaros; 08-18-2019 at 07:24 AM.

  3. #43
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    Default Re: Sanford Health/Summit League relationship

    Quote Originally Posted by MontanaRabbit View Post
    There-in lies the problem. Non-profit healthcare systems shouldn’t be “competing”. This shouldn’t be about the best “brand” we can create. It should be about benefiting society in the best possible way and donating buckets of money to endowment scholarships isn’t the best use considering the current state of healthcare in America
    I have to disagree with you here. Everyone is competing, whether non profit or for profit. If you're a non profit and you stop competing, you will cease to exist eventually. Also, again... The hospital isn't really the one donating that money, it's coming from Denny, Kelby, or both.

  4. #44
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    Default Re: Sanford Health/Summit League relationship

    Quote Originally Posted by MontanaRabbit View Post
    So if T Denny donated directly to SDSU is it not a taxable write-off?
    There you go making sense again.

  5. #45
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    Default Re: Sanford Health/Summit League relationship

    Quote Originally Posted by slosho View Post
    There you go making sense again.
    Are there limits to tax benefits to what or how much you give....asking for a friend.
    "The most rewarding things you do in life, are often the ones that look like they cannot be done.” Arnold Palmer

    Don't sweat the petty things, and don't pet the sweaty things.

  6. #46
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    Default Re: Sanford Health/Summit League relationship

    Quote Originally Posted by goon View Post
    Are there limits to tax benefits to what or how much you give....asking for a friend.
    I do not know the answer to your question specifically. I do however know that under the new Trump tax scheme that you have to donate $14K before it is a write off on a personal level. Some now donate every other year to leverage this. or Set up a Charitable trust once with the Min (14K) and then do it from that location donating the Min every year to the trust but having the trust donate during the "Off"years. Make any sense?

  7. #47
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    Default Re: Sanford Health/Summit League relationship

    Quote Originally Posted by slosho View Post
    I do not know the answer to your question specifically. I do however know that under the new Trump tax scheme that you have to donate $14K before it is a write off on a personal level. Some now donate every other year to leverage this. or Set up a Charitable trust once with the Min (14K) and then do it from that location donating the Min every year to the trust but having the trust donate during the "Off"years. Make any sense?
    It is a little more complex than this. Any size donation is tax deductible if you itemize your deductions, but itemizing is only beneficial if the total of your donation plus other expenses that may be itemized (real estate taxes, medical costs above a certain % of you adjusted gross income, interest on your home, sales taxes, etc.) exceeds the standard deduction which I believe was $12,200 for single filers and $24,400 for married filers this past year. The donation does not have to exceed these amounts but the sum of all donations and other items need to exceed the standard deduction to benefit you from a tax perspective. Prior to Trump's tax law change the standardized deductions were about half of what they are now and the tax benefits of itemizing kicked in much sooner.

    The maximum amount of charitable deductions that are tax deductible is generally 50% of your adjusted gross income. There are some cases where the limit is 20% and others where it is 30%.

    This is for individuals. I don't have any idea of the rules for organizations.

  8. #48
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    Default Re: Sanford Health/Summit League relationship

    Quote Originally Posted by MontanaRabbit View Post
    There-in lies the problem. Non-profit healthcare systems shouldn’t be “competing”. This shouldn’t be about the best “brand” we can create. It should be about benefiting society in the best possible way and donating buckets of money to endowment scholarships isn’t the best use considering the current state of healthcare in America
    ^^^^
    Quote Originally Posted by JackFan96 View Post
    Well, I don't get to sit in Mom's basement and watch sports all day

  9. #49
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    Default Re: Sanford Health/Summit League relationship

    Quote Originally Posted by Rabbit74 View Post
    It is a little more complex than this. Any size donation is tax deductible if you itemize your deductions, but itemizing is only beneficial if the total of your donation plus other expenses that may be itemized (real estate taxes, medical costs above a certain % of you adjusted gross income, interest on your home, sales taxes, etc.) exceeds the standard deduction which I believe was $12,200 for single filers and $24,400 for married filers this past year. The donation does not have to exceed these amounts but the sum of all donations and other items need to exceed the standard deduction to benefit you from a tax perspective. Prior to Trump's tax law change the standardized deductions were about half of what they are now and the tax benefits of itemizing kicked in much sooner.

    The maximum amount of charitable deductions that are tax deductible is generally 50% of your adjusted gross income. There are some cases where the limit is 20% and others where it is 30%.

    This is for individuals. I don't have any idea of the rules for organizations.
    I was previously misinformed about the amount (and how that worked), thank you for the clarification. The charitable trust Info I believe is correct still however.

  10. #50
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    Default Re: Sanford Health/Summit League relationship

    Quote Originally Posted by CappinHard View Post
    Also, again... The hospital isn't really the one donating that money, it's coming from Denny, Kelby, or both.
    Can you prove this?

    Here it seems like it's speculation, but now it seems to be a fact.

    Quote Originally Posted by CappinHard View Post
    I'm aware, but I'm wondering if the money to the Summit League/Augie etc. is coming from Sanford Health or Sanford himself. People keep complaining about the money coming from a non-profit, but I think that might be a misinformed observation.

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