- What are the Wealth Preservation & Philanthropic Planning eNewsletter, Seminars, and sigmaxi.giftlegacy.com online resource center?
Sigma Xi, as one of the major scientific society's and professional associations, has always provided its members the most up-to-date income, capital gains, and estate tax planning information as a service at no charge. WP3 represents the offering of a near complete financial planning support service to our members at not charge.
- Why is this service necessary?
Printer and electronic surveys of Sigma Xi members over the past six years have included access to free professional financial planning resources and services as a desired member benefit. WP3 includes access to our professionally trained staff, best practice-based seminars, programs to assist members in achieving their financial and legacy goals, and the option of self-guided research and planning using an up-to-date legal library and proven planning approaches for members on online. In each case, there is no charge for the services.
- What if I do not want to receive this information?
Members may take advantage of the information available from our trained staff, seminars, a bi-weekly eNewsletter, and/or the online resource source center if they find it helpful. You may choose not to access the WP3 online resource center. In the case of the WP3 eNewsletter they are given the opportunity to opt-out by clicking a link in the letter and their name will be removed from the mailing list. This will not affect their receipt of other electronic or print media.
- Should Sigma Xi be in the business of supporting members in developing their financial and legacy plans?
The Board of Directors approved the offering a comprehensive program of support that members may voluntarily decide to utilize at their November 23, 2008, based on member surveys, testing of potential approaches and programs for both legitimacy and appropriateness to our members, and our twenty year experience of receiving planned and estate gifts from members. It was the unanimous opinion of the Board that specific staff – especially those working in the membership, endowed programs, and development areas should be knowledgeable and well-trained in assisting members when requested in developing their philanthropic plans.
- Has Sigma Xi benefited from planned and estate gifts?
Over the past two decades Sigma Xi has received nearly fifteen million dollars in planned and testamentary gifts that were for both restricted and unrestricted purposes. The numbers of gifts received increases each year. The Society makes every effort to discern and fulfill the donor's wishes, but in many cases, where there was no consultation prior to the gift and where inadequate legal counsel provided the donor, the realization of the donor's goals are delayed and significant expense can be incurred to ensure its fulfillment. In November 2008 the Sigma Xi Board of Directors enacted the Society's first Gift Acceptance Policy, a copy of which can be downloaded at http://giving.sigmaxi.org/ that provides clear guidance to both the donor and the Society's staff on how to expedite planning and ensure fulfillment of gifts.
- Why include financial planning in a Sigma Xi planned giving program?
Today Sigma Xi members work in both scientific and non-scientific sectors, those in the research field may work for a university, a private lab, own their own company, or apply their skills in government or military laboratories. Over the past year the number of unemployed members has increased with many facing the use of their emergency and retirement savings. No professional is immune to the need for pertinent, clear, and immediately applicable insights on cost-savings and financial planning for their families, children, businesses, retirement, and investments. While Sigma Xi is not a licensed investment advisor or certified tax counselor, our membership, endowed program administrators, and development personnel must be well-trained and knowledgeable about what is legal, proven, and available to assist members in achieving both their personal and professional goals. The Society never provides specific investment or legal advice, but we have taken the time to identify those professionals in these fields that have a proven track record and we believe can be trusted in the guidance they provide. Over the past five years, the Society has received hundreds of requests for guidance in the establishment of educational funding programs for Sigma Xi member's children, finding an attorney to write a first will or trust plan, and advice on creating endowed grants-in-aid of research and prizes in honor or memory of significant persons in a member's personal or professional life.
- Does the Society receive a kick-back or commission if I follow their advice, attend a Society seminar, or engage a professional advisor you recommend?
The answer is a clear and definitive no. Sigma Xi ascribes to the Donor Bill of Rights (http://giving.sigmaxi.org) and its staff strictly adheres to both the Association of Fundraising Professional's Code of Ethical Principles and Standards and the National Council on Planning Giving's Model Standards of Practice for the Charitable Gift Planner. Under the direction of Sigma Xi's Board of Director's the Society is now more compliant than ever with philanthropic and membership benefits administration's best practices and highest standards of ethical standards.
- Why does Sigma Xi seek and accept charitable gifts?
First, Sigma Xi is a nonprofit organization or NGO recognized by both the United States and Canadian governments as compliant with governmental regulations and accountability standards. As a not-for-profit society, Sigma Xi has received and faithfully executed charitable gifts from members or friends for more than one hundred years. More than ten thousand members and non-members have become consistent donors to the Society's Annual Futures Fund campaign over the past decade. Donations raised from the Annual Futures Fund are given voluntarily over and above their annual dues and, in most cases, tax deductible to our members in either their US or Canadian income tax filings. These funds have always been used to support programmatic and annual expenses of the Society and are reported on our Annual 990 Report. Based on best practices, members receive two written invitations a year to support the Sigma Xi Annual Futures Fund. In addition, the Society has consistently received one-time and/or multiple designated gifts during a given year for specific projects (e.g., to generate private sector matches required by foundation or governmental grant) or programs (e.g., to support annual or continue progress toward full funding of Grants-in-Aid of Research in honor or memory of a honored peer or friend). Members establish new one-time, re-occurring annually, and/or endowed awards each year. Approximately 18% of Sigma Xi's annual expenses, including programs such as the Distinguished Lecturers Series and the Grants-in-Aid of Research are funded from current gifts and gift endowment income.
- How does the Society solicit planned or estate gifts?
Along with most of our peer societies, both honor and professional in focus, Sigma Xi has always promoted planned, estate or testamentary gifts through informational programs and advertising in electronic and print publications. Based on our experience, more than fifty percent of planned or testamentary gifts are generated this way. Since 2005, Sigma Xi has maintained a static web page on http://www.sigmaxi.org/ that outlines some of the advantages of planning ahead and a list of possible donation vehicles. Starting in November 2008, the Society launched an interactive member-centered financial planning and gift development platform at http://sigmaxi.giftlegacy.com that includes up-to-date economic data, thoroughly vetted stock, investment, and economic news, clear examples of successful financial and philanthropic planning for members at all life stages, and benefit calculators that members may use on their own to assess the impact of multiple financial planning and gift models. There is no charge for this online resource center, all the information received is provided voluntarily by members, and their privacy is strictly maintained. Since launching this new online platform, more than 15,000 users have visited the sites gift planning, financial news, and tax information pages. On April 18, 2009 Sigma Xi offered to our members a bi-weekly eNewsletters with economic news, financial planning resources, and other useful information depending upon their life and professional stage. Any member may opt out of receiving this electronic publication by simply clicking on one of the well identified "unsubscribe" icons found in the newsletter. This will not affect their receiving any other electronic or print publications.
- Who is responsible for managing Sigma Xi's Development and Member Benefit programs, and specifically the WP3 program?
Kevin Bowen and you can contact him by e-mail at kbowen@sigmaxi.org or 800-243-6534.
