Endowment Fund Information
Endowment Fund Committee Membership for 2022-23
Curt Ohrlund—Treasurer (NW), John Aboud - Secretary (NC), Steve Stickney - Chair (NE), Dr. Myron Welch (SE), Chris Ewan (SC), and Chuck Teutsch (SW); ex-officio - IBA President, Mary Crandell and IBA Treasurer - Tiffany Wurth.
Honoring the Legacy and Investing in the Future of Iowa Bands
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 is to provide financial support that promotes the purposes of the Iowa Bandmasters Association as set forth in the IBA Articles of Incorporation and Bylaws.
What Does the Fund Provide?
The IBA Endowment Fund supports, but is not limited to the following IBA activities:
Recognizes and encourages talented young people to become band directors with cash awards in the name of Major Landers.
Promotes concert bands and chamber music at the annual state conference with financial support from the Robert W. and Dorothea Dean Fund.
Provides financial support for discretionary use by the IBA President through the Fritz Presidential Endowment Fund.
Provides financial support for conference clinics and performances.
Supports extra projects and organizations that conform to the goals and purposes of the Iowa Bandmasters Association as approved by the IBA Executive Board.
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.
To include the Iowa Bandmasters Association Endowment Fund in your estate, it is recommended that you consult with an attorney when drawing up or updating your will.