Many members and friends of the Society have expressed interest in providing additional financial support so that the Society can continue to fulfill its mission for future generations. The Society is a tax-exempt organization under the U.S. Internal Revenue Code Section 501(c)(3), so contributions are tax deductible.
Employer matching contributions
A number of employers provide matching grants to multiply the benefit of their employees’ contributions to qualifying organizations. Some also match contributions by retirees and spouses of employees as well.
Check with your employer’s human resources office to see if they have such a program. If they do, obtain a matching gift form, complete it, and send it with your contribution to the Society of Indiana Pioneers, 140 North Senate Avenue, Indianapolis, IN 46204. We will do the rest. Matching gifts by these participating companies often double or even triple the impact of an individual’s contribution.
Ways of contributing
1. Contributions of cash
Giving cash is the most popular way of gifting due to its simplicity. Cash gifts may be made by currency, check, money order, or bank draft.
2. Gifts of marketable securities
Gifts of marketable securities, or stock listed on an exchange, can be an advantageous way to contribute to support the Society of Indiana Pioneers substantially. There is no taxation on the gain of appreciated stock given directly to the Society. The fair market value on the date of the stock gift is deductible for income tax purposes.
Gifts of closely held stock or securities not traded on an exchange may also be accepted. However, such gifts should be discussed with a representative of the Society before making such a gift.
3. Gifts of Real Estate
Gifts of real estate offer great flexibility in financial planning. All proposed gifts of real estate are reviewed by the Society and its Board of Governors before the gift is accepted.
An outright gift of appreciated land or other real estate has several immediate benefits for the donor: there is no taxation on the appreciation of the real property; an income tax deduction is available for 100 percent of the fair market value of the property as of the gift date; and the value of the gift reduces your taxable estate.
4. Gifts of Personal Property
Gifts of personal property require an independent appraisal of the fair market value before the gift is made. Restrictions by the donor regarding the sale, maintenance, administration, and display of such gifts are possible but subject to review and approval by the Society of Indiana Pioneers Board of Governors.
A bequest through a will or trust is the most common form of planned gift. A bequest allows you to contribute substantially to support the Society without diminishing the assets available during your lifetime. Because a bequest to the Society of Indiana Pioneers is tax deductible for federal estate tax purposes, substantial estate tax savings can result, and your federal estate tax burden may be reduced or eliminated.
6. Life Insurance
Gifts of life insurance can offer an attractive way to benefit the Society at a relatively low cost; gifts of new or existing policies may also provide tax benefits. A gift of life insurance may be especially beneficial for younger individuals due to the lower premium expense. For others, the reason for having a policy in place may no longer apply. For example, the children may be grown, no mortgage remains on the family home, or a spouse may have other assets for support. Donating an existing policy may be an excellent way to support the Society of Indiana Pioneers in these situations.
For more information, please contact the Society’s office by phone or email.