The Foundation for Bluegrass Music, Inc. and the International Bluegrass Music Association, Inc. Announce Agreement to Merge to Strengthen Fundraising and Education Efforts
Raleigh, North Carolina, September 26, 2017 — The International Bluegrass Music Association, Inc. and The Foundation for Bluegrass Music, Inc. have agreed to merge into a single organization. The merger recognizes and formalizes the historic relationship between the two organizations and will help to strengthen coordination of their fund-raising and operations.
“The Foundation for Bluegrass Music and the IBMA have worked together to support bluegrass music education and appreciation since the Foundation was formed in 2007 as a means of attracting charitable contributions for this effort. By merging with the IBMA, we will better coordinate our efforts and also gain access to enhanced staff and website resources that will allow us to strengthen our ability to seek charitable contributions and seek grants to support bluegrass music education and related preservation efforts,” said Peter D’Addario, Chairman of the Board of Directors of the Foundation. “At the same time, our current Foundation assets will continue to be segregated for devotion to education and related purposes in an IBMA Foundation that the members of the current Foundation Board will continue to oversee.”
Joe Mullins, Chair of the IBMA added, “We are excited by the opportunity that the merger presents to work more closely together for the benefit of bluegrass music. The merged entity will operate as the IBMA with its current membership and directors. It will benefit from tax-exempt status under Section 501(c)(3) of the Internal Revenue Code, and this means that we will be able to seek tax-deductible contributions and grants from individuals, corporations and foundations. We may also provide our membership with a write-off for membership dues. This merger will benefit our membership while providing a stronger foundation for the future of bluegrass music, and I appreciate the considerable foresight of the Foundation and IBMA Board members and the efforts of our Executive Director, Paul Schiminger, in moving us in this direction.”
The Boards of the IBMA and the Foundation expect that the merger will strengthen both organizations by:
· Formalizing a closer relationship and increased alignment and coordination between the organizations.
· Providing the Foundation with greater access to IBMA’s staff and infrastructure, to facilitate joint fundraising and other joint efforts that benefit both organizations.
· Enabling the IBMA to accept charitable contributions directly from donors, who can claim tax deductions for those contributions, and to apply for grants as a Section 501(c)(3) organization.
Paul Schiminger, Executive Director of the IBMA emphasized, “This merger will provide a stronger foundation for attracting the funds and other resources to promote bluegrass music education, broaden bluegrass music appreciation and preserve the valuable bluegrass legacy, to the benefit of bluegrass musicians, songwriters, recording professionals, broadcasters, event producers, media, and artist teams, among others who make up our membership now and in the future. I look forward to working with our dedicated staff to implement the merger and the commitment to cooperation and coordination that it represents.”
The merger is expected to become effective on or about November 30, 2017.
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About the International Bluegrass Music Association, Inc.
The International Bluegrass Music Association, Inc. is a tax-exempt association under Section 501(c)(6) of the Internal Revenue Code that connects and educates bluegrass professionals, empowers the bluegrass community, and encourages worldwide appreciation of bluegrass music of yesterday, today and tomorrow.
About The Foundation for Bluegrass Music, Inc.
The Foundation for Bluegrass Music, Inc. is a non-profit charitable organization with tax-exempt status under Section 501(c)(3) of the Internal Revenue Code that was created to serve as an “umbrella” under which funds can be placed and disbursed to support bluegrass music-related educational, literary, artistic and historic preservation activities of public benefit.
