What is The Scientech Foundation of Indiana?
What was formerly the D.J. Angus - Scientech Foundation that was initiated by Scientech Member, Bob Annis in 1967 is now The Scientech Foundation of Indiana, a 501(c)(3) public charity. It is the philanthropic destination of donations from members of The Scientech Club among other donors. The fundamental purpose of The Scientech Foundation of Indiana is to provide supportive funding for educational programs in Indiana in the fields of science, technology, engineering, healthcare, and any other related fields of learning.
Are donations to the Foundation tax deductible?
In general, yes. The Scientech Foundation of Indiana is a tax-exempt 501(c)(3) public charity and donations of cash or publicly traded securities are deductible, subject to certain limitations based upon your adjusted gross income.
Consult your personal tax advisor to determine if you are eligible to make a donation from your IRA that can qualify as a Qualified Charitable Distribution (QCD). You may also wish to determine if you are eligible for your QCD to be counted toward satisfying your required minimum distribution (RMD).
Individuals also can make donations from their Donor Advised Fund (DAF). Ask your tax advisor about the differences in applicability of QCDs and DAFs to satisfy required minimum distributions (RMDs).
As always, tax deductibility of donations depends on the circumstances of individual donors and first should be discussed with the donor’s tax advisor.
What is the Foundation's organizational structure?
The Foundation Board can consist of up to fifteen members, but no less than seven which includes five officers. Board meetings are held four times per year, as are the Investment Committee meetings. All Board Members are invited to the committee meetings.
Does the Foundation have a set of by-laws?
Yes. The Foundation is governed by the Articles of Incorporation first filed with the Secretary of State of Indiana on June 7, 1967, and amended in 1997, 2009 and in 2023. The Articles of Incorporation and Amendment, the Amended Bylaws, Investment Policy, Budget Policy, and other information are included in the Director’s Handbook (over 40 pages) which explains governance of the Foundation.
How is the Board of Directors selected/elected?
The members of the Foundation Board of Directors are elected annually in January for a one-year term. Currently, all are Scientech Club past presidents, officers, members, or directors.
If a vacancy occurs, how is a replacement selected?
Any vacancy on the Board of Directors caused by death, resignation, or otherwise, may be filled at the discretion of the President with approval of the Board for the remainder of that year.
Are there term limits for members of the Board?
Directors are elected annually in January for a one-year term. There are no term limits.
Are the Board Members compensated in any way?
No. The general Board Members totally volunteer their services and are not compensated. Board meetings do not incur any expense to the Foundation. In addition, all Board Members must sign a Conflict of Interest Statement and disclose any conflict as it arises.
What controls are in place to oversee the financial records of the Foundation?
The review of the financial records is completed by the Board and the Treasurer. All checks drawn on Foundation accounts require two signatures.
How is the investment portfolio of the Foundation managed?
The investment portfolio is managed by a professional investment management firm, currently Planned Investment Company in Indianapolis. All investment decisions are approved by the Foundation Board of Directors. Planned Investment Company does not charge the Foundation a fee for its services.
Are there periodic reviews of the investment portfolio?
Yes. The Investment Committee, consisting of members of the Board, reviews the performance of the investment portfolio with the investment management firm on a quarterly basis. The financial records also are reviewed by the Board and the Treasurer.
What is the size of the endowment?
The financial assets of the Foundation, which include the investment portfolio and funds in the checking account, slightly exceeded $2.8 million as of March 31, 2023.
What types of investments are held in the Foundations portfolio?
The investment portfolio consists of various well-known mutual funds. The Foundation does not pay sales fees (loads) when it acquires mutual funds. The Foundation generally does not invest in individual stocks or commodities. As of March 31, 2023, the mutual funds in the portfolio held roughly 55% US equities, 14% non-US equities, 23% bonds and the remainder in non-classified and cash.
How is the endowment funded or grown?
The Foundation endowment is funded through the investment performance of the portfolio and donations, bequests and memorials from Scientech Club members and other individuals. In 2022 thirty-five percent of the Scientech Club members contributed to the Foundation.
Are there any "legal linkages" between the Club and the Foundation?
No. There are no legal ties between the Scientech Club and the Foundation.
What us the total amount of grants awarded?
In 2022, the Foundation made grants totaling $169,450. The budget for 2023 is $139,000.
Updated: August 24, 2023
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