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Planned Giving

Susan H. Skemp

Executive Director, Southeast National Marine Renewable Energy Center, Florida Atlantic University
Chair, ASME Foundation Board of Directors
Member, Alexander Holley Society
Member, Archimedes Club

Giving annually means that your gift sustains programs. It's needed to ensure the viability of the future of engineering.

"I give to the Holley Society because I feel a sense of responsibility to ASME. You can give once to a program and it has a direct impact but it's not sustainable. Giving annually means that your gift sustains the programs. It's needed to ensure the viability of the future of engineering," notes Susan H. Skemp, Director of the Center of Ocean Energy Technology at Florida Atlantic University. "For an investment to be well founded it has to be sustained and you have to continue to reinvest. You don't invest in one year of college for your kids. You make sure you have a plan for your kids, so that it's sustainable for them and there's a framework for them to build their lives. Giving is not a one-time event."

A member of both the Archimedes Club and Holley Society, she has created a legacy not only for herself, but also for others. "Some people would rather give as part of planned giving and others would rather give annually as part of the Holley Society," she says. "It has to be the individual who makes that decision. Both of these giving societies are needed to ensure the viability of the future of engineering." As a member of the teaching profession, the students who represent the future of engineering pass through her office. "I tell students to become involved with their professional organization. It helps increase their capabilities and knowledge outside of the workplace," she says. "They are part of giving back to the profession so that next generation of engineers will be able to support and mentor others. I've been giving towards programs that ensure that the next generation has the means to really expand on their careers."

Kemp believes in unrestricted gifts, because all of the ASME Foundation programs are linked together. "If we don't invest in public policy, then we don't have a continuous power board of people to guide our nation's leaders to ensure less risk of unmitigated risk. That being said, many of those same policies involve education, research, and public awareness."

Being a member of ASME greatly impacted Kemp's career, beginning when she was a student at Florida Atlantic University. "I grew as a person at the University and I grew as a person taking on leadership roles at ASME," she recalls. "It offered me the opportunity to network and expand my horizons. Being a member of ASME helped me to increase my knowledge and skill set by being part of the profession. I tell this to my students. It adds to their resume and toolbox of skills."

"At ASME," she says, "One of the greatest things is to be able to see firsthand how engineers impact the world around them. We tend to take things for granted. Where we are today, where we come from, where we can go tomorrow. So you begin to see that future frontier."






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A charitable bequest is one or two sentences in your will or living trust that leave to ASME Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

Bequest Language

"I, [name], of [city, state ZIP], give, devise and bequeath to ASME Foundation [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to the Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to the Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to the Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and the Foundation where you agree to make a gift to the Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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