The Society's purpose is to provide financial aid quickly and confidentially to and for the benefit of a member or a deceased member's surviving eligible dependent who is in need of financial assistance in the face of misfortune or an emergency.
Background and Resources
The Society is an organization of International Paper Company employees, both active and retired, who have completed 25 years of accumulated service with the company. The Quarter-Century Society Inc. was founded in 1923 as a social organization with limited membership to provide material benefits for its members.
In 1950, the Society was re-organized for the primary purpose of providing financial assistance for its members, and membership was opened to all company and qualified subsidiary employees in the United States and Canada. At the end of 1990, total membership reached approximately 18,000: 14,000 in 38 chapters in the United States and 4,000 in 15 chapters in Canada.
Approximately half of the United States membership is retired. The Society's capital initially originated with the collection of initiation fees and membership dues in the early years, some contributions by International Paper Company and income from the Society's investments in stocks and bonds. Since 1950, all the income has come from investments and re-investment of any unused earnings of the Society. State Street Bank and Trust Company (Boston) is the trustee. This same organization handles a portion of International Paper's Pension Plan Equity Assets and the International Paper Company Foundation's portfolio, respectively.
A copy of the latest Consolidated Financial Statement - Society and Chapters - Yearly Report may be obtained upon request from the society's secretary. The Quarter-Century Society is entirely separate from International Paper.
The Society has its own income and its own management consisting of a board of directors (12) and officers (see the list of names in the constitution) who conduct the affairs of the Society from its headquarters in New York. The Society and its chapters have tax exemption status under Section 501(c) (4) of the Internal Revenue Service code. In order to preserve this exemption, it is important that the two organizations, the Company and the Society, be kept entirely separate.
All new chapters of the Society are organized under the direction of the Society.