Endowment Fund Committee Membership for 2024-25

Curt Ohrlund—Treasurer (NW), John Aboud - Secretary (NC), Steve Stickney - Chair (NE), Jane Triplett (SE), Chris Ewan (SC), and Chuck Teutsch (SW); ex-officio - IBA President, Kyle Engelhardt and IBA Treasurer - Tiffany Wurth.

New to IBA Members - The Endow Iowa Tax Credit!

Donations of $250 or more to the Dean Fund, Fritz Fund, and all future un-named donations will be eligible to receive a 25% state tax credit on qualified gifts.

For example, if an IBA member makes a $1,000 charitable donation, they would receive a $250 (25%) state tax credit!

Gift Amount $1,000

Endow IA Tax Credit ($250)

Fed Deductible Gift $750

Fed Tax Savings (37%) ($277)

Net Cost of Gift $472

Gifting To the Fund

Gifting to the Endowment Fund through a cash gift in your name, or as a memorial gift that perpetuates a member’s name are the most common types of donations.  However, there are other assets you may consider that could provide even more tax advantages.

Seven Additional Gift Options

Outright gift of securities if your goal is to eliminate capital gains taxes.  Then you can contribute long-term appreciated stock or other securities and benefit through a charitable deduction (Endow Iowa Tax Credit may qualify) and eliminate capital gains taxes.

Gift of real estate if your goal is to eliminate capital gains tax on the sale of land or other real estate.  Then you can donate the property to IBA to benefit our organization and benefit you through an income tax deduction (Endow Iowa Tax Credit may qualify), plus a reduction or elimination of capital gains tax.

Gift of retirement plan assets if your goal is to eliminate the possible twofold taxation on an IRA or other employee benefit plans.  Then you can name IBA the beneficiary of the remainder of the assets after your lifetime to leave your family other assets that carry less tax liability.

Outright gift of personal property if your goal is to share your enjoyment of a collection or other personal items.  Then you can donate tangible personal property like art or a coin collection and receive a charitable deduction (Endow Iowa Tax Credit may qualify) based on the cost basis value.

Gift of life insurance if your goal is to make a large gift with little cost to yourself.  Then you can contribute the ownership of a life insurance policy you no longer need and receive current and possibly future income tax deductions (Endow Iowa Tax Credit may qualify).

Retain life estate if your goal is to give your personal residence or farm but retain current use.  Then you can create a charitable gift now while retaining occupancy for life and receive tax advantages plus continued use of the property.

Bequest if your goal is to defer a gift until after your lifetime.  Then you can put a bequest in your will; give your charitable fund cash, specific property, or a share of the residue and receive donations exempt from estate tax.

Sample language for a Will: 

Direct Support to IBA:

"I give, devise and bequeath                                                   (describe dollar amount, property to be given, or proportion of residuary estate) to the Iowa Bandmasters Association, Inc., a nonprofit 501(c)(3) corporation, tax identification number 42-1525499.

Support to a Fund:

"I give, devise and bequeath                                                   (describe dollar amount, property to be given, or proportion of residuary estate) to Iowa Bandmasters Association, Inc., a nonprofit 501(c)(3) corporation, tax identification number 42-1525499, to benefit the Iowa Bandmasters Association General Operating Endowment, Endow Iowa Dean Fund, Endow Iowa Fritz Fund, or a new “Named Fund”, a component Fund of the Community Foundation of Greater Des Moines.

Endowment Fund Committee guiding philosophy for creating new “Named Fund”

Finite – Minimum of $25,000 (set amount of money until the money is exhausted)

Perpetuity – Minimum of $50,000 (ongoing fund, funded by interest earned on principal)

Important: When making a planned gift (such as a gift in your will, life insurance, retirement plans), please contact the Iowa Bandmasters when you choose to name the IBA as a beneficiary so that we can ensure your charitable intention(s) is/are fulfilled.

The appropriate wording for making a gift depends on the type of gift, state law and the donor's unique circumstances. Iowa Bandmasters urges all prospective donors to seek the assistance of personal legal and financial advisors in matters relating to their gifts, and the resulting tax and estate planning consequences.

Making A Contribution - DONATE