Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-07-11
TAX EXEMPTION
ASKED FOR FUND
NPUBLIC TRUST
Indianapolis Joins 80 Other
Cities in Appeal to Congress
for Repeal of Laws.

The Indianapolis Foundation, a com
munity trust organized to receive dona-
ton for the future welfare Of Indianapo-
lis from rich and poor alike, in wills or
during the life time Of the donors, has
Just Joined thirty similar organizations
throughout the country in an appeal to
the Congress to provide Federal tax ex-
emption for funds administered by such
community welfare trusts. Henry H
Hornbrook. secretary Of the local founda-
ton. in a letter to Senator James L. Wat
son. who is q member Of the Finance
Committee OF the Senate, which now has
before It the preparation Of the proposed
new re=enue law, tells the aims Of the
Indianapolis Foundation and relates that
large sums OF money, to De expended for
the future Welfare Of the city. now are
provided in certain wills of Indianapolis
citizens for the use OF the Foundation.
While the idea yet is new in Indian
apoIis, Nj. Hornbrook points out. "a
number of wills have been written leav-
ing large sums to the Foundation" The
Secretary says that he drew a viii for an
Indianapolis citizen some time ago in
which approximately three-Q quarters Of
E<nulion dollars was set aside for the
eventual use OF the foundation.
The Indianapolis Foundation is mod
eled on the plan Of the Cleveland Foun-
datioa, in which millions OF dollars in
requests for the future charitable and
educational purposes Of Cleveland already
have been placed
The whole plan Of the Foundation
is to offer 70 the community an oppor-
tunity Of placing gifts with responsible
financial institutions 20 become q part
OF the Foundation. and tho income &c
riTed therefrom TO be administered bv
board Of trustees among charitable and
educational institutions Of the community
as the trustees may. from year 90 year.
find that needs exist therefor M Horn
brooks letter to Senator Watson said.
Then he explained the taE ezem ptions
already provided under Federal statutes
for similar organisations and agencies
and urged that the Indiana Senator use
his efforts TO have the new Law so clari-
fed that the exemption would extend as
well 70 community foundations, such as
the locsI one
There IS a great appeal in this idea
10 thinking men, be wrote 'in that IL
gives elasticity to charitable donations
and prevents funds from being tied I'D
! Permanently with Institutions which nav
cease to be worthy or may even cease
q function. In 4 word. I would say
that it creates 3 revolving fund for min
1stTatIou to local needs as those needs
r arise each year.
Sin Cleveland many millions 81 dol
lars have been given 70 this fund. large
y to be realized In the future upon the
death Of the donors In this CITY. al
though the Idea is yet new. s number
q wills have been written leaving large
sums 10 the foundation either upon the
death Of the testator OF upon the death
Of peraous named in the wills who are
70 have the use Of the funds for life
] myself prepared a viii some time ago
giving approximately three quarters Of
q PLlion dollars to the foundation. The
idea was so fundamentally sound that
II appealed az once 10 the business juds
ment Of the gentleman IN question"
NJ. Hornbrook points out that dona-
lions 60 the foundation may be made dur
Ing the lifetime Of the donors as well as
after death.
he concluded y am writing IS secre-
tary % the Indianapolis Foundation and
one Of its trustees. and what I have said
expresses not only my own feelings. but
that 81 all the other trustees, as well
as the officers and directors Of the
Fletcher Savings and Trust Companv. the
Indiana Trust Company and the Union
Trust Company Of INDIANAPOLIS. which
institutions We're responsible for the ere
alton Of the Indianapolis Foundation"
Other members Of the present board
Of trustees of the foundation include
Josiah K. Lilly. chairman; Henry W.
Bennett. the Rev. Francis r. Gavisk.
Louis Il. Levey and G. a. Efroymson.