The Endowment Fund is a non-profit fund established to receive and administer contributions of dues, gifts, memorials, bequests, wills, estates, life insurance, and any form of property acceptable to the Iowa Bandmasters Association Endowment Fund.
The mission of the Endowment Fund is to provide financial support that will promote the purposes of the Iowa Bandmasters Association as set forth in the IBA Articles of Incorporation and Bylaws.
What Does the Fund Provide
Activities supported by the Endowment Fund include but are not limited to the following.
- Recognize and encourage talented young people to become band directors with support in the form of cash awards in the name of Major Landers.
- Promote concert bands and chamber music at the annual state conference with financial support from the Robert W. and Dorothea Dean Fund.
- Receive gifts in the form of memorials to honor and create a permanent record of directors who are part of our heritage.
- Promote conference clinics that bring to life the legacy left us by past directors.
- Recognize those individuals, groups, businesses, or organizations in whose names contributions are made.
- Document the work of past-presidents of IBA through DVD recorded interviews as part of the Past-Presidents Video Archives.
- Provide support for extra projects that conform the goals and purposes of the Iowa Bandmasters Association.
Gifting To the Fund
IBA members and friends of IBA can make a variety of gifts through the Endowment Fund. The method selected depends upon each donor’s motivation, financial circumstances and tax position.
Common Ways of Contributing
- Gifts of cash.
- Securities given in lieu of cash.
- Real Estate.
- Wills, bequests or contributions from estates made to the Iowa Bandmasters Association Endowment Fund. (For estate planning purposes the correct legal name of the foundation is: The Iowa Bandmasters Association Endowment Fund.)
- Memorial gifts that perpetuate a member’s name.
- Life insurance dedicated in part or whole to the Endowment Fund.
If You Would Like To Contribute
Gifting to the Endowment Fund can be as easy as writing a check or, as in the case of securities or real estate, can be a way of gifting and receiving an income tax deduction that avoids capital gains. A common simple way of gifting may be through a bequest.
A bequest is a gift of money, property or a portion of your estate provided through your will. Bequests are made in different ways. If you decide to make a bequest it is necessary to decide which form works best for you. Common forms of bequests include:
- A specific bequest specifies an exact asset or dollar amount from your estate.
- A residual bequest directs all or a percentage of that part of your estate that is left after other terms of your will are completed, to the Endowment Fund.
- A percentage bequest is stated as a percentage of your estate. Your intention is guaranteed regardless whether your estate increases or decreases over time.
- A contingent bequest names the Endowment Fund as a second or alternate recipient in the event the intended recipient is unavailable.
To include the Endowment Fund in your estate and make the most of your estate planning, it is recommended that you consult with your attorney when writing or updating your will.
Whatever the donation, a gift in any amount or method is an investment in the future of our profession. Contributions made through the fund are tax deductible and become part of the investments held by the Endowment Fund. Questions regarding the Endowment Fund should be directed to members of the IBA Endowment Fund Committee. Contributions should be sent to the Endowment Chair (Gene Gross) or the Endowment Treasurer (Curt Ohrlund).
Endowment Fund Committee Membership for 2018-19
Curt Ohrlund—Treasurer (NW), John Aboud--Secretary (NC), Steve Stickney (NE), Dr. Myron Welch (SE), Gene Gross—Chair (SC), and Chuck Teutsch (SW); ex-officio—IBA President, Jane Triplett, and IBA Treasurer—Tiffany Wurth.