Oklahoma City Geological Society - Geological Foundation

Why a Foundation?

The Oklahoma City Geological Foundation, "Our Foundation," has been formed exclusively for charitable, scientific, literary, and educational purposes with primary emphasis on the science of geology and its related fields.

Our Foundation by statute is separate from the Oklahoma City Geological Society, "Our Society," although the only purpose of Our Foundation is that of supporting Our Society. A recent change in the IRS`s Alternative Minimum Tax and related changes has lightened the tax burden of those who make gifts.

Our Foundation will provide an alternative for attracting and managing endowment funds, which accrue a source of steady and permanent cash for Our Society.

Our Foundation is an endowment fund that is designed to meet the test of time.

Our Foundation could become the strength of survival for Our Society over the next generation with its information storage and processing.

The concept of giving to Our Foundation should appeal to many supporters, because your gift continues to work and grow for your profession in the future.

Endowment funds can be invested for a longer period, giving Our Foundation a better opportunity that Our Society to maximize endowment income.

How can I help?

Consider how you can assist the Foundation to help Our Society, library, schools, geologists and geophysicists of the future by:

Developing a positive feeling for our success and your wanting to be a part of it.

Being ready to work and contribute when contacted.

Thinking about you long-range planning for charitable contributions, estate planning, memorial bequeaths, and insurance policies and asking, "Can I give something back and have it help me also?"

Is this a first for Foundations?

We can be proud that ours is first in Oklahoma.

Kansas Geological Foundation was formed in 1990 in Wichita, Kansas. It has a fund of $47,000.

West Texas Geology Foundation was formed in 1986 and has approximately $50,000.

Rocky Mountain Association of Geologists Foundation was formed in 1973 and has a fund of $86,000.

AAPG Foundation was formed in the 1960s and now has an operating fund of $4 million at the end of 1994.

How will Our Foundation raise money?

Annual Pledge
A donor would make an annual gift or contribution depending upon the individual`s financial ability and personal desire to commit to such support.

Major Gifts
This would afford a donor an opportunity to make a significant statement of support for the Science of Geology while minimizing the tax consequences of such a gift.

Contributions could be in the form of direct cash, paid-up life insurance, Gifts by Will, Memorial Gifts, or "In Honor" gifts to honor a living mentor, professor, etc.

Restricted and Unrestricted Gifts
By providing the special handling required, Our Foundation will be able to assure funds provided by donors will be used precisely in the manner they wish.

Funds for Our Foundation would include unrestricted donations, which give the Foundation the ability to support several viable programs in continuing education, and direct grants to vital services, which augment those provided by Our Society and Library.

What is the Foundation status?

By letter from the Internal Revenue Service dated May 17, 1994, Our Foundation is tax exempt from federal income tax under section 501(a) of the Internal Revenue Code. It will be a 501(c)(3) organization.

Our Foundation was incorporated in Oklahoma with legal assistance from the law firm of McAfee & Taft, Oklahoma City, Oklahoma.

Our Foundation elected three Directors initially, who are Society Life Members: Mr. David G. Campbell, President; Mr. Louis M. Ford, Vice President; Mr. Dennis F. Smith, Secretary/Treasurer. Directors serve without compensation for three-year terms. Plans call for increasing to five Directors and later to seven.

Our Foundation has no debt. Legal fees were paid from money raised by Directors.

Our Foundation has received no money from the Society and has no plans to request any.

Our Foundation will hold annual meetings open to all members.

What are the goals of Our Foundation?

The primary goal of Our Foundation is to create a legal, tax-exempt vehicle for those wishing to give something back to their profession; remember a loved one, mentor, or friend; and receive credit against their taxes.

Another goal is to grow slowly and steadily. Contributions by willing members and companies will be invested prudently but aggressively.

As the investments accumulate cash value, Our Foundation will be able to assume certain functions now handled by Our Society (i.e., scholarships, publications, seminars, contributions for library equipment, etc.)

What is the Oklahoma City Geological Foundation?

Our Foundation grew from an idea among business-oriented geologists. With "seed money," strong financial management, and the continued support of Oklahoma geologists, geophysicists, and companies, a strong, self-sustaining entity would form.

Over time Our Foundation would be able to further the science and knowledge of geology through financial support to Our Support, library, student aid, education, and training.

The sole member of Our Foundation will be the Oklahoma City Geological Society. The Foundation will be separate from Our Society to satisfy its tax-exempt status with the IRS.