Planned Charitable Giving and Estate Planning
SIVB has high regard for education of our younger members through active enrolment and participation in the society. We also take pride in the number of members who have been active in SIVB for their entire careers which in many cases include members who have retired from their full-time positions. This dedication continues in the opportunities to “give back” to the Society both in active retirement and in estate planning that includes setting up gifts and/or endowments now for the future. Charitable giving has made a very positive impact on the health and vision of SIVB over the years.
For those active, retired, emeritus, or former members a special giving plan from IRA, 401k and other protected accounts can be made tax free to a charitable organization (401C3) directly from your account to SIVB. SIVB is a charitable organization, whose TAX ID is available upon request. These protected plans have an annual “required minimum distribution or RMA” after the age of 72. The amount of the RMA and age restrictions vary slightly each year which will require investigation to determine and/or the assistance of a financial advisor. As long as the distribution goes directly from your account to SIVB it will be on a Tax-Free basis. Also note that while it does qualify as a use of your required minimum distribution it does not increase your income.
Including SIVB in your estate planning is easy to include in discussions with your attorney, financial advisor or estate planner when preparing your will or other similar documents. Our Society would be pleased to work with you to find mutually agreeable opportunities that reflect your ideas and goals for the Society as a part of this process.
WHY IS HELPING TO SUPPORT THE SIVB IMPORTANT TO ME?
As I look back on a career of 40 plus years, I am reminded of the people and organizations that helped promote my professional growth. The Tissue Culture Association/Society for In Vitro Biology and its members were a major influence on my scientific/professional development. I gave my first paper in the mammary gland in contributed paper session at the Philadelphia TCA meeting in 1976. I still have some slides from that period to remind me how far we have come. Over the subsequent years, the society has provided critical mentoring from people who gave freely of their time and energy. They provided a critical mass of invaluable expertise and experience for which I am forever grateful. While it is not possible to repay them directly, it is possible to “pay forward” to help provide similar opportunities for others through the SIVB.
The SIVB is uniquely positioned to provide opportunities to draw on the expertise of the membership. We are not a large society with large, impersonal meetings. Our meeting format with plenary symposia germane to all members, scientifically focused symposia which address cutting edge topics, student focused symposia to address both science and career-development, contributed paper and poster sessions all for a more detailed discussion of research projects and the numerus social activities promote mentoring and informal exchange. Many collaborative projects have been developed during the meeting receptions and social! The free registration program for students is a cost to the society but an absolutely critical investment in the future. I am very proud that we have been able to sustain this program. The meetings are small enough to get to know each other.
The SIVB needs the support of donors to maintain the scientific and social quality of our annual meeting at the level we, as members, have come to expect. Corporate/organization donors are important and we also need to draw on the generosity of individual members for support. Clearly, not everyone is in a position to contribute. More senior members may have more opportunity to donate. Being older than dirt, I am required to withdraw a minimum amount each year from my tax-deferred account (i.e., IRA, 401K, or Thrift Saving account). This money then counts as income for tax purposes. However, my wife, Barbara, and I have elected to direct part of that money to the SIVB in the form of a tax-free donation. This donation does not count as part of our income (for tax purposes) so everyone wins. Details of this program are provided elsewhere in the In Vitro Report. We feel proud to be able to help support this society that has meant so much to us over these many years.