The Society of Women Engineers

Leaving a Legacy – Donating to SWE & Inspiring the Future

Leaving a Legacy

Agenda:

Creating a Lasting Legacy - Betty Irish and Virginia Counts

SWE’s Planned Giving Program – Honna George

SWE’s Endowment Fund – Marge Inden

Q&A - All

Leaving a Legacy

Objectives

Be inspired to provide legacy gifts to SWE

Understand how to donate endowed and non-endowed gifts to SWE

Understand how to designate a gift to SWE through estate planning

Creating a Lasting LegacySWEsters – Virginia Counts & Betty Irish

The Virginia Counts & Betty Irish “SWE for Life” Endowed Scholarship

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Agenda

Who Are WeWhy We Give How We Give Why Endow a ScholarshipHow We EndowedParting Advice

Creating A Lasting Legacy

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• ME turned Program Manager (Med Devices)• “Organizer Extraordinaire” & Planning Addict

– “My closet is beautifully organized”• SWE Life Fellow & Active Leader• Working on PhD to achieve Virginia 2.0 –

Expert & Consultant on how to “work smart”

SWEsters: Virginia and Betty – College Classmates

• ME turned Project Manager (Construction) • Golfer & Corvette Driver (BTYS Z06)• SWE Life Fellow & Active Leader• Ready for Betty 2.0 – Soon to be an aspiring

University Professor, Semi-Retired & Virginia’s ghost writer (Virginia needs a lot of help!)

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Why We Give to SWE

• Family experiences of “giving back”• Both have spent years as SWE Leaders agonizing over budgets:

“How to get the funding to make SWE great” (or do great programs)• We know so well that most budgets have very little discretionary

allowance• We know that many of our donations are restricted to specific

activities• We know SWE is stronger with strong infrastructure & staff.

Donations are needed to support administrative activities for consistency.

• SWE is where we feel comfortable to learn with low risk – SWEsters are “our people”

• We know every gift matters – no matter the size!

Developed Leadership Experience & Confidence Through SWE

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How We Give

• Time• $$ through our roles

• Travel costs and event support (We love to host SWE parties)• Estate Plans – SWE is in both our trusts

• Neither have children to leave our estates• Cash donations

• Some times for specific programs; sometimes unrestricted• Virginia takes advantage of Medtronic programs through matching

donations ($1 for $1) and donations for her time (e.g, she’ll get a donation for the volunteer time to do this presentation)

Like Regular SWE Members; Like Many of You

Does Your Employer Match Donations? Ask!

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Why A Scholarship Endowment

endowment: noun  en·dow·ment \-mənt\ : a large amount of money that has been given to a non-profit and that is used to pay for its creation and continuing support

How endowments in SWE are managed: Financial endowments are typically structured so the principal amount invested remains intact, while investment income is available for immediate funding for use.

For SWE our Trustees manage investments of capital to provide investment income for our use. Generally $25,000 in capital can provide $1,000 annually. (forever!)

1st – What is an Endowment?

Endowment definition adapted from: http://www.merriam-webster.com/dictionary/endowmentHow managed definition adapted from: http://www.investopedia.com/terms/e/endowment-fund.asp

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Why We Chose A Scholarship Endowment

• We heard other SWE members tell stories of meeting their scholarship recipients and we wanted to support other women.

• We both worked our way through school

• Since we are both planners – we have bucket lists.

Our Support for Future Students Will Live Beyond UsVirginia’s Bucket List

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How We Funded The Endowment

• Medtronic purchased Covidien and became an Irish company in January, 2015. When Virginia saw the tax bill for her stock sale she realized, “I should have donated some of that stock and avoided taxes”

• In March 2015, Betty’s husband passed away and left her with some “disposable income”

• In June 2015 Medtronic’s Foundation announced a 2 for 1 dollar match for donations made in the month of June only.

Virginia Thought She Would Do this In Retirement – “Silly Girl!”Betty’s late husband rolled over in his urn!

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How We Funded The Endowment

• We had to act very quickly and with a one minute phone call the decision was made.

• We jumped at the chance to do what we both had thought about for years: Virginia donated $7.2K in stock; MDT doubled VA’s match

for $14.4K Betty donated $7.2K in cash (thank you Mike!) Total of $28.8K (This included additional funding for

administrative expenses – it costs money to give scholarships away!)

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Setting Up the Scholarship

• In a few emails with the Trustees• We settled on a name of our scholarship:

“Virginia Counts and Betty Irish SWE for Life Endowed Scholarship”

• We settled on the criteria Mechanical Engineering student either from Arizona or

attending an Arizona school; preferably an active SWE member Since neither one of us had stellar GPA’s, we wanted a GPA

below 3.0, but that wasn’t permitted.• Signed the checks and mailed them to SWE. The Trustees did

all the rest• Deducted it from our 2015 taxes!

Once we had the money – the rest was easy!

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Advice or Our Ask of You

• Take advantage of your employers generosity (if they have it)

• Don’t wait until you die or retire• Consider funding over several years (with tax returns,

bonuses)• Consider providing funding to administer your donation• If you are expecting a “looming” tax bill, consider

donating stock.

Plan for your (SWE’s) future now, don’t wait for “someday”

The Society of Women Engineers

Planned Giving ProgramSWE-HQHonna Eichler George

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What is Planned Giving?

• Including SWE-HQ and/or the SWE Board of Trustees as part of your estate plan may be a personally valuable way to further your own legacy.

• There are multiple ways you can support the Society through a planned gift:

• Endowed Scholarship through the Board of Trustees. • Unrestricted or restricted general operation support for SWE-

HQ. • Unrestricted or restricted program support to fund SWE-HQ

programs.

SWE promotes a donor-centered approach to any planned giving event or conversation.

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What is Planned Giving?

Ada Pressman was an early member of SWE, who was a SWE President, received the Distinguished Service Award, and also served on the Board of Trustees. All individuals who commit to include SWE in their estate plan (regardless of amount or designation) are recognized in the following ways:

• Ada Pressman Society Pin• Invite to Annual Conference Halo Reception• Name on lists for Ada Pressman Society (unless donor prefers to

remain anonymous)

In 2010, SWE created a Planned Giving Program that would recognize any donor who included SWE in their bequest or will as a member of the Ada Pressman Society.

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How Does SWE’s Planned Giving Program Work? Learn more about planned giving on swe.org/support

• The Planned Giving section on the swe.org website has information and suggested language to:

• Endow a Scholarship • Donate through a will, trust, retirement account, or insurance

policy• Join the Ada Pressman Society• Make a general or restricted planned gift to the Society

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Next Steps to Make a Planned Gift

• SWE-HQ accepts the following giving instruments as part of any planned gift:

• Bequests• Loosely held stocks• Retirement plans• Individual Retirement Arrangements (IRAs)• Direct gifts from Charitable Trusts

SWE-HQ does not provide legal or financial counsel and recommends you speak with your adviser and/or attorney while establishing your estate plan or bequest priorities.

SWE Endowment Fund: What is it to SWE?What is it to me?

Marge Inden, Chair, SWE Board of Trustees

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SWE’s Endowment Fund

Formed in FY06 to merge:Scholarship FundVarious Awards FundsHeadquarters Fund

Separate corporation from SWE, controlled by SWE

The Directors of SWE-EFI are the BOT members

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Goal of an Endowment

• Create an increasing stream of income– Maintain purchasing power after inflation

• Long term investment horizon: forever!

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Endowed Funds

• SWE-EFI now provides for four separate endowments:– Scholarshipo Total of XX scholarships awarding $XXX,XXXo XX separately named endowmentso Local or society selection option

– Awardso Rodney D. Chipp Memorialo Resnik Challenger Medalo Motorola Foundation Multiculturalo Boeing Company Multiculturalo Suzanne Jenniches Upward Mobility o Others at SWE’s discretion

– Headquarterso General support to SWEo Life member donations made to this endowment

– Designated Fundo New option for sections, regions, and MALs

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Giving to our Endowed Funds

• Designated gift– Donor has requested a specific use

• Undesignated gift– Can be for a specific fund (Scholarship, Awards, etc.)– Trustees and/or SWE decide specific use

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Giving to our Endowed Funds

• Your own scholarship– A gift of $27,500 is recommended for a $1,000 scholarshipo First scholarship would be a year latero Increases are at BOT discretiono You can add in any amount once established

– You can give over time by signing a contract– Bequests are welcome– BOT will work with you on criteria

• Life membership– 20 years dues– Can be paid over time

• Consider gifts of appreciated securities– Outstanding tax benefits!

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Resources

Endowment Fund DonationsMarge Inden, SWE Board of Trusteesm.inden@gmail.com

Planned Giving ProgramHonna George, SWE DevelopmentHonna.George@swe.org

Leaving a Legacy to SWE